The decrease by the group of 14 producer countries - which has long manipulated oil output to influence global prices in members' favor - brought total production to 30.81 million barrels per day in the month, the report said citing secondary sources. The supply cuts, which also include Russian Federation and nine other non-OPEC producers, took effect on January 1.
This rate could rise in coming months as top exporter and OPEC kingpin Saudi Arabia voluntarily lowers supply by more than it agreed. That amounts to 86 percent compliance with pledged cuts, according to a Reuters calculation. OPEC's share of that cut is 800,000 bpd.
Overall, global supply fell by 1.4 mbd to 99.7 mbd in January, according to the IEA, which said cuts imposed by authorities in the province of Alberta in Canada, which is not party to the Vienna Agreement, also contributed to the reduction.More news: Retail inflation cools further to 2.05% in January on easing food prices
Anxious by a drop in oil prices and rising supplies, the Organization of the Petroleum Exporting Countries and its allies including Russian Federation agreed in December to return to supply cuts.
Those fears dissipated after Washington eventually granted waivers allowing several countries to continue to import Iranian oil.
"In terms of crude oil quantity, markets may be able to adjust after initial logistical dislocations (from Venezuela sanctions)", the Paris-based IEA said.More news: Right-Clicking in Gmail on Desktop Will Soon be Useful!
"Oil prices have not increased alarmingly because the market is still working off the surpluses built up in the second half of 2018", the IEA said.
IEA figures show Venezuala's output dropping by roughly 30,000 barrels per day to 1.26 mbd.
Imports of crude oil from Venezuela are still a significant portion of the U.S. Gulf Coast imports, but they have been falling in recent years due to the collapsing Venezuelan oil production. This has led to the point that the benchmark Middle East prices for higher-sulfur sour grades have recently increased to above the price of Brent Crude in a rare occurrence in the oil market, where lower-sulfur, sweet grades from the Atlantic basin and the North Sea are typically more expensive than the sour grades from the Middle East or Latin America.More news: Red Dead Redemption 2 Online Changes
The IEA also raised its estimate for the increase in non-OPEC crude supply in 2019 to 1.8 mbd, which is 0.3 mbd higher than previously.