The latest report from the Organisation of Petroleum Exporting Countries (OPEC) (www.opec.org/opec_web/en) reveals that 32.14 million barrels of crude oil were pumped each day in January (down from 33.03 million per day in December), as the 13-member cartel tries to boost prices and tackle the world-wide over-supply of oil.

January’s production levels are still about 800,000 barrels a day more than demand, it is claimed. OPEC says that it wants to reduce production in an effort to put a stop to a three-year glut that has seen the price of a barrel of oil fall from around $120 to around $50.

Spencer Welch, director at the IHS Energy consultancy, said: “US production is beginning to grow and could grab the market share released by OPEC, putting the future of any deal on production cuts into question.

“Many still believe that OPEC’s commitment to cut its output by 1.8 million barrels per day until June will still not be enough to bring the market back into balance.”