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OPEC output falls most in almost two years as Saudi cuts begin

The oil cartel's output dropped the most in close to two years in December even before its agreement to cut oil supplies started as Saudi Arabia scaled back production. The group's pact to curb output started formally this week.

Photo: Bloomberg

Before its agreement to cut oil supplies even started, OPEC's production plunged by the most in almost two years last month.

In a sign of the urgency felt by the cartel amid tumbling crude prices, leading member Saudi Arabia throttled back production, according to a Bloomberg survey of officials, analysts and ship-tracking data. The group's pact to curb output only formally started this week.

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