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OPEC oil production sinks in December as Saudis cut output more than expected

January 17, 2019

OPEC slashed production in December, delivering a bullish signal to the market one month before the producer group officially began a fresh round of output cuts.

Last month, OPEC struck a deal with Russia and nine other nations to keep 1.2 million barrels per day off the market starting in January. The so-called OPEC+ alliance is trying to prevent another price-crushing oil glut. The cost of crude collapsed in the final quarter of 2018, stirring memories of the punishing 2014-2016 downturn.

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