According to a recent Reuters survey, the total oil production of the Organization of Petroleum Exporting Countries (OPEC) in February decreased by 870,000 barrels per day (bpd), marking the first monthly decline in eight months.
The drop in OPEC oil production was led by Saudi Arabia, while Nigeria posted the largest increase, Reuters noted. The degree of compliance of the OPEC states with the production cut promises of OPEC and allies increased to 121% in February from 103% in January.
Market reaction
Crude oil prices did not show an immediate reaction to this headline. At time of writing, the West Texas Intermediate (WTI) barrel is trading at $ 62.05, up just under 1% on the day and far from the highs.
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