OPEC’s crude production slumped again last month as the cartel implemented planned cutbacks in full and some members were hit by U.S. sanctions.
Saudi Arabia, Kuwait and the United Arab Emirates delivered all — and in some cases more — of the supply curbs they pledged to try to prevent a global glut. OPEC and its allies are embarking on a new round of cuts as record American shale output and fragile fuel demand put downward pressure on crude prices.
