The Organization of the Petroleum Exporting Countries (OPEC) pumped 32.68 million barrels per day (bpd) last month, down 460,000 bpd from November and the largest month-on-month drop since January 2017.

 

OPEC and other non-member oil producers agreed in December to reduce supply by 1.2 million bpd in 2019.

 

Prices were supported recently as the deal came into effect, despite a disclosure on Russia’s output rise last year.

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