OPEC Production Plunges as Saudis Deliver Extra Oil Cutbacks
- Output falls by 920,000 barrels a day, the most in 8 months
- Saudis make promised cuts, yet Iraq and Nigeria flout quotas
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OPEC’s crude production plunged last month as Saudi Arabia delivered extra cutbacks intended to clear the remnants of a global supply glut.
Output from the group fell by 920,000 barrels a day -- the biggest drop in eight months -- to 24.87 million a day, according to a Bloomberg survey. As promised, the kingdom slashed its production by almost 1 million barrels a day, or about 11%.