Saudi Oil Cuts Cause OPEC Output To Fall To Two Year Lows – 2 January, 2019

OPEC’s production has dropped to its lowest in almost two years, led by cutbacks from Saudi Arabia before an agreement to cut production had begun, as a result of unplanned losses in Iran and its U.S. led sanction cuts as well as ongoing protests. OPEC’s production fell to a total of 32.6 million barrels a day last month, which is roughly 530,000 barrels per day, its steepest halt since January 2017. Brent crude futures rose 5.1 percent to $55.74 per barrel.