OPEC output falls to 10-month low in February

The Organization of the Petroleum Exporting Countries’ (OPEC) oil output fell by 70,000 barrels per day (bpd) month-on-month in February to the lowest level in ten months, a survey conducted by Reuters showed.

The fall came as the United Arab Emirates (UAE) joined other GCC member states in cutting output above target levels under the supply reduction agreement.

The oil cartel pumped 32.28 million bpd in February, while the total is the lowest since April 2017.

Oil producers compliance with the oil cut deal rose to 149 percent from a revised 144 percent in January, implying strong commitment despite a rise in prices earlier this year.

In February, the UAE recorded biggest supply drop, with its production falling by 50,000 bpd to below its OPEC target.

Libya accounted for the second-largest decrease in oil supplies, where output fell by 30,000 bpd due to closure of the El Feel oilfield after a protest by guards.

Meanwhile, Saudi Arabia kept output steady close to 10 million bpd, according to sources in the survey. Supply remains below the Kingdom’s OPEC target.

OPEC pumped 450,000 bpd below this implied target in February, the survey added.

Brent crude was last trading down 0.15 percent at $64.63/bbl, while West Texas Intermediate (WTI) crude fell 0.05 percent to $61.61/bbl.