OPEC significantly reduced its crude-oil production in January, making good on its latest deal to curb output and rebalance an oversupplied market, the oil cartel said Tuesday.
In its closely watched monthly oil market report, the Organization of the Petroleum Exporting Countries said its crude output had fallen by 797,000 barrels a day in January, month-on month, to average 30.81 million barrels a day, citing secondary sources. The bulk of the cuts were shouldered by Saudi Arabia—the de facto head of OPEC—as well as the United Arab Emirates and Kuwait, according to the report.
