OPEC Oil Output Drops to Lowest Since Late 2011

OPEC crude oil output is on course to reach its lowest since October 2011 this month as discontent in Libya, pipeline leaks in Nigeria and Iraqi export disruptions weigh on supplies, a Reuters survey found on Thursday.

As quoted in market news:

The survey indicates top OPEC exporter Saudi Arabia is still keeping a lid on output. Oil, trading at $109 a barrel, is above Saudi’s preferred level of $100, although prices have fallen 2 percent this year on concern about the global economic outlook.

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