OPEC Oil Output Posts Biggest Drop Since 2017

OPEC oil supply fell in December by the largest amount in almost two years, a Reuters survey found, as top exporter Saudi Arabia made an early start to a supply-limiting accord while Iran and Libya posted involuntary declines.

The 15-member group pumped 32.68 million barrels per day (bbl/d) last month, the survey on Jan. 3 found, down 460,000 bbl/d from November and the largest month-on-month drop since January 2017.

The survey suggests Saudi Arabia and some of its allies acted unilaterally to bolster the market as crude prices slid on the possibility of a new glut. A formal accord by OPEC and its allies to cut supply in 2019 took effect only on Jan. 1.