OPEC Overfulfilled Oil Output Cut Deal By 6% In February - Report

Mohammad Ali (@ChaudhryMAli88) Published March 14, 2019 | 05:59 PM

In February, OPEC cut oil production on January by 221,000 barrels per day to 30.55 million barrels per day mainly due to indicators of Venezuela, Saudi Arabia and Iraq; the organization overfulfilled its obligations by six percent under the OPEC-non-OPEC oil output cut deal, according to OPEC's March report

MOSCOW (UrduPoint News / Sputnik - 14th March, 2019) In February, OPEC cut oil production on January by 221,000 barrels per day to 30.55 million barrels per day mainly due to indicators of Venezuela, Saudi Arabia and Iraq; the organization overfulfilled its obligations by six percent under the OPEC-non-OPEC oil output cut deal, according to OPEC's March report.

"According to secondary sources, total OPEC-14 preliminary crude oil production averaged 30.55 mb/d in February, a decrease of 221 tb/d over the previous month. Crude oil output decreased mostly in Venezuela, Saudi Arabia and Iraq, while production inched up in Libya and Angola," it said.

OPEC said it had cut production by 857,000 barrels per day as compared to October 2018.