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OPEC Output Drops the Most in Two Years as Saudis Lead the Way

  • Group’s production fell by 930,000 barrels a day in January
  • Saudis cut deeper than pledged, say they’ll go even lower
This Is Where Saudi Arabia Gets Its Oil

Photographer: Simon Dawson/Bloomberg

OPEC crude output fell the most in two years last month as the group implemented almost 80 percent of its new production cuts deal.

Top exporter Saudi Arabia cut deeper than pledged, while its close allies the United Arab Emirates and Kuwait also made sizable reductions. Those deliberate curbs were compounded by involuntary output drops in Iran, targeted by U.S. sanctions, and Libya, both of which were exempt from the group’s agreement.