Economics
OPEC Output Slides as Saudis Deepen Cut, Venezuela Crisis Grows
- Cartel’s production fell 295,000 barrels/day in March: survey
- Saudi Arabia cut oil output to a four-year low, survey shows
Photographer: Diego Giudice/Bloomberg
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OPEC’s crude production slid for a fourth month as Saudi Arabia pressed on with output curbs aimed at balancing global markets, and as an economic crisis in Venezuela escalated.
Despite pressure from U.S. President Donald Trump to keep oil supplies flowing and put a lid on rising prices, the Saudis and other members of the cartel remain resolved to restrain production to avert a glut.