OPEC raised its oil production in January despite voluntary production cuts that the group was supposed to be adhering to, according to new data published on Friday by Bloomberg. A new Bloomberg survey showed that OPEC’s production rose by 110,000 barrels per day to 26.68 million barrels per day—with Libya accounting for much of the increase as it brought production back online at its Sharara oilfield. Sharara has been closed due to unrest in the country. Iraq—a chronic overproducer, did lower its February production, but it is…
