OPEC Output Falls Most in Almost 2 Years as Saudi Cuts Begin - Bloomberg:
Before its agreement to cut oil supplies even started, OPEC’s production plunged by the most in almost two years last month.
In a sign of the urgency felt by the cartel amid tumbling crude prices, leading member Saudi Arabia throttled back production, according to a Bloomberg survey of officials, analysts and ship-tracking data. The group’s pact to curb output only formally started this week.
The kingdom’s deliberate cutbacks were compounded by unplanned losses in Iran, which is being targeted by U.S. sanctions, and in Libya, where protests halted the biggest oil field.
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