Opec deep­ens oil pro­duc­tion cuts

New Straits Times - - Business -

LON­DON: The Or­gan­i­sa­tion of the Pe­tro­leum Ex­port­ing Coun­tries (Opec) deep­ened pro­duc­tion cuts last month with lag­gards im­prov­ing com­pli­ance with its his­toric deal to limit out­put. Over­all, out­put fell by 40,000 bar­rels a day from a month ear­lier to 31.895 mil­lion bar­rels, ac­cord­ing to a Bloomberg News sur­vey of an­a­lysts, oil com­pa­nies and ship-track­ing data. Iraq, the sec­ond-big­gest pro­ducer in the group, and Venezuela came closer to their tar­gets. Opec be­gan pro­duc­tion cuts on Jan­uary 1.

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