OPEC Output Fell Last Month on Venezuela Turmoil, Survey Shows

OPEC’s crude output declined last month as turmoil curbed Venezuela’s exports while other members began a three-month production freeze, a Bloomberg survey showed.

The Organization of the Petroleum Exporting Countries pumped an average of 28.83 million barrels a day in January, down 230,000 a day from the previous month, according to the survey. About a third of the decline was accounted for by Venezuela, where tankers were subject to a US blockade amid the ouster of leader Nicolas Maduro.