Saudi Arabia Leads OPEC Crude Output Lower Before Meeting
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OPEC said Saudi Arabia led declines in the group’s oil output last month, weeks before its 12 members meet to decide whether to trim a global supply glut that drove crude prices into a bear market.
Saudi Arabia’s production fell 69,900 barrels a day to a seven-month low of 9.603 million, the Organization of Petroleum Exporting Countries said in a monthly report. The data are based on estimates from sources including analysts and media organizations. OPEC’s members pumped 30.253 million barrels a day, a decrease of 226,400 barrels, the largest since March. There are signs of global economic recovery, it said.