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Oil production by the Organization of Petroleum Exporting Countries (OPEC) hit its lowest levels in four years in February. as Saudi Arabia and other Gulf producers over-delivered on agreed output cuts. while Venezuelan supply involuntarily dropped.
The producer club pumped 30.68 million barrels per day (bpd) last month. a survey conducted by Thomson Reuters found on Friday.
This was 300.000 bpd down. compared with the output in January. while it marked the lowest total logged since February 2015. excluding membership changes that have occurred since then. the survey revealed.
Saudi Arabia and other Gulf allies made more than good on pledged output curbs to prevent a large supply overhang from growing this year. in accordance with a formal pact by OPEC and its partners. including Russia to reduce production which took effect at the start of this year.
The 11 OPEC member states committed to the agreement attained in February 101% of the agreed cuts. according to the Reuters survey which traces market supply on the basis of shipping data provided by external sources and Refinitiv Eikon flows figures among other sources.
The alliance known as OPEC+ agreed late last year to slash supply by 1.2 million bpd.
As for exempt OPEC members. Venezuelan supply declined. due to US sanctions in place since late January. while Iran managed to ramp up crude shipments. even with under sanctions.
By 4:09 pm GMT. US Nymex crude futures fell 1.56% to $56.33 per barrel (pb). while international benchmark Brent futures dropped 1.58% to $65.26 pb.
