Had cut oil output supply before new accord to avert glut in 2019: Opec

OPEC said on Thursday it had cut oil output sharply in December before a new accord to limit supply took effect, suggesting producers have made a strong start to averting a glut in 2019 as a slowing economy curbs demand. The Organization of the Petroleum Exporting Countries said in a monthly report its oil output fell by 751,000 barrels per day (bpd) in December to 31.

58 million bpd, the biggest month-on-month drop in almost two years. Worried by a drop in oil prices and rising supplies, OPEC and its allies including Russia agreed.

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