Led by Saudi Arabia, OPEC and its allies have been withholding crude output for the past few years in an attempt to defend prices against fragile oil demand and plentiful American supplies. Last month, the coalition agreed once again to delay plans for reviving the halted production.
OPEC’s crude production dipped last month as the United Arab Emirates stepped up implementation of supply cutbacks aimed at buoying global oil markets.
Output from the Organization of Petroleum Exporting Countries fell by 120,000 barrels a day to 27.05 million a day, with the UAE accounting for most of the drop, according to a Bloomberg survey. Modest gains in Libya and Nigeria were offset by similar-sized reductions in Iran and Kuwait.
