OPEC Crude Production Slumps as Voluntary Cuts Bite

Drop suggests the group’s members have largely made good on a pledge to reduce their collective output

A person pumps gasoline into a car at an ARCO gasoline station in Los Angeles. Photo: caroline brehman/Shutterstock

The Organization of the Petroleum Exporting Countries accelerated its efforts to tighten the oil market in May, as a handful of the group’s largest members sharply slashed output in line with planned cuts. 

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