The nations forming the OPEC+ alliance slashed oil production in December, one month before the producer group officially began a fresh round of output cuts agreed to late last year in response to a global supply glut and fears of a worldwide recession, according to CNBC.
Oil prices have rebounded since hitting a low on December 25.
OPEC’s oil output fell by 751,000 barrels per day, to 31.6 million bpd in December, according to the CNBC report which cited official data from the group.
Saudi Arabia slashed production by 468,000 bpd to just over 10.5 million bpd.
Brent crude prices have rebounded roughly $10 a barrel since hitting $50 on December 25. That low marked a a plunge of over $36 from $86 a barrel in October.
