OPEC Achieved 82% of its Output Cut in January

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Commodities, Logistics
oil derricks
James Thew/Adobe Stock

OPEC’s oil output fell by more than 1 million barrels per day (bpd) January, a Reuters survey recently found, pointing to a strong start by the exporter group in implementing its first supply cut deal in eight years.

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The Organization of the Petroleum Exporting Countries agreed to cut its output by about 1.2 million bpd from Jan. 1 to prop up oil prices and reduce a supply glut.

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