OPEC Slashes Oil Output by Most Since 2020 to Fulfill New Pact
- Production plunges by 1.05 million barrels a day, survey shows
- Saudi Arabia leads curbs, cutting by 470,000 barrels a day
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OPEC cut crude production by the most since 2020, fulfilling a new agreement aimed at stabilizing world oil markets.
The Organization of Petroleum Exporting Countries curbed supplies by just over 1 million barrels a day last month, roughly in line with the amount specified by a pact with its allies, according to a Bloomberg survey. Production averaged 28.79 million barrels a day.