OPEC Reduces Oil Output Ahead of Scheduled Supply Revival

OPEC reduced crude oil production last month, with curbs in Nigeria and Iraq, before the group proceeds with long-delayed plans to revive halted output.

The Organization of Petroleum Exporting Countries lowered output by 110,000 barrels a day to 27.43 million per day, according to a Bloomberg survey. The cartel’s leaders have urged members to remain committed to existing production quotas, which several countries continue to flout.