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OPEC Oil Production Falls as Output Cuts Begin to Rebalance Market

The report, which comes just a few weeks ahead of a highly anticipated OPEC meeting in Vienna, highlights the cartel’s increasingly successful efforts to rebalance the oil market by withholding production to reduce the global supply glut and boost prices.

The “high conformity levels” of the OPEC and non-OPEC participants in a deal to reduce crude output “have clearly played a role in in supporting stability in the oil market and placing it on a more sustainable path,” the report noted.


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