LONDON—Before its agreement to cut oil supplies even started, OPEC’s production plunged by the most in almost two years last month. An oil storage vessel operated by Total off the coast of Angola, an OPEC member. As a result, oil output from the Organization of Petroleum Exporting Countries fell 530,000 barrels a day to 32.6 million a day last month. Article Continued BelowIran’s crude production fell by 120,000 barrels a day last month to 2.92 million a day, the survey showed. Even with the pre-emptive Saudi cutbacks, OPEC has plenty of work still to do to fulfil its promises.

Source: thestar January 02, 2019 18:44 UTC