Iraq plans to raise crude exports from its southern port of Basra to an all-time high in February, keeping exports high even as OPEC production cuts take effect this month.

Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.84 per barrel at 0535 GMT (00.35 a.m. ET), down 26 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $53.70 per barrel, down 29 cents.

Saudi Arabia has cut its crude-oil production by at least 486,000 barrels a day since October, said a person familiar with the kingdom’s output, bringing the world’s largest exporter of petroleum swiftly into line with OPEC’s deal to raise prices.

Russia cut its oil production in early January by around 100,000 barrels per day (bpd) from the previous month after an agreement with OPEC to cap global crude output, two sources from the energy sector told Reuters on Monday.

Saudi officials are seeking to transform Saudi Aramco into the world’s most valuable publicly traded company, which they say is worth about $2tn.

Baker Hughes Incorporated (NYSE:BHI) announced today that the international rig count for December 2016 was 929, up 4 from the 925 counted in November 2016, and down 166 from the 1,095 counted in December 2015. The international offshore rig count for December 2016 was 210, down 1 from the 211 counted in November 2016, and down 40 from the 250 counted in December 2015.

U.S. Rig Count is up 1 rig from last year's count of 664, with oil rigs up 13, gas rigs down 13, and miscellaneous rigs up 1. Canadian Rig Count is up 39 rigs from last year's count of 166, with oil rigs up 10, gas rigs up 28, and miscellaneous rigs up 1.

Benchmark Brent crude oil LCOc1 was up 50 cents a barrel at $56.96 by 1440 GMT (9:40 a.m. ET). U.S. light crude CLc1 was up 45 cents a barrel at $53.71. Both contracts rose by around 2 percent on Wednesday.

The decline in December comes as OPEC, which controls around 40 percent of global supply, is planning to curb output in a bid to boost oil prices. The organization reached a historic deal last month with Russia and other non-members to cut global production by almost 1.8 million barrels a day starting this month.

U.S. Rig Count is down 40 rigs from last year's count of 698, with oil rigs down 11, gas rigs down 30, and miscellaneous rigs up 1. Canadian Rig Count is up 74 rigs from last year's count of 83, with oil rigs up 40, gas rigs up 29, and miscellaneous rigs up 5.