OPEC reduced its estimate for the amount of crude the world needs it to pump this year as US production continues to thrive and the demand outlook falters.
The Organization of Petroleum Exporting Countries, which produces about 40% of the world’s oil, already curbed output by the most in two years last month as it launched a new round of cuts to prevent a glut. With less crude needed from the cartel than previously thought, Saudi Arabia is already going deeper than its pledged reduction.
