Commodities
OPEC Cuts Oil Production as Coalition Begins New Supply Pact
- Output declined by 490,000 barrels a day, survey shows
- Iraq and United Arab Emirates remain above production quotas
Iraq made considerable progress, cutting by 130,000 barrels a day to pump about 4.2 million a day.
Photographer: Hussein Faleh/AFP/Getty ImagesThis article is for subscribers only.
OPEC cut oil production last month as the group and its allies began a new effort to prevent a global surplus and shore up prices.
Output from the Organization of Petroleum Exporting Countries fell by 490,000 barrels a day last month to 26.57 million barrels a day, according to a Bloomberg survey. About half the reduction came from Iraq and Kuwait.