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Global oil cartel OPEC said Tuesday it sharply reduced crude oil production last month, after heavyweight Saudia Arabia slashed output and exports fell in crisis-hit Venezuela. In its monthly report, OPEC said it produced 797,000 fewer barrels per day in January than in the previous month, a decrease in line with the cartel's pledge to curb output in a bid to boost sagging prices. The decrease by the group of 14 producer countries -- which has long manipulated oil output to influence global prices in members' favour -- brought total production to 30.81 million barrels per day in the month, the report said citing secondary sources.
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