OPEC oil production down 77,000 barrels in February

March 14, 2018 2:27 PM

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OPEC oil production down 77,000 barrels in February

Mubasher: The Organization of Petroleum Exporting Countries (OPEC) on Wednesday reported that its crude oil production decreased markedly in February, driven by lower output in Venezuela and the UAE.

Oil production reached around 32.186 million barrels last month, down 77,100 barrels from January, OPEC's data showed.

Venezuela was the largest contributor with a fall of 52,400 barrels, while the UAE came second after reducing its output by around 34,300 in February.

On the other hand, Nigeria provided the biggest rise in output, climbing by 24,900 barrels last month, and Saudi Arabia raised output by 5,600 barrels.

By 02:07 pm GMT, Brent crude inched up 0.06% to $64.68 per barrel (pb), while Nymex crude futures rose 0.23% to $60.85 pb.

Also read: OPEC mulls over 300,000 bpd output hike – Reports

Source: english.mubasher.info

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