OPEC posts biggest drop in oil output since 2017

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.