The Organization of the Petroleum Exporting Countries (OPEC)’ oil output was reduced during February 2019, mainly because of the production cuts in Venezuela, Saudi Arabia, and Iraq, but that decline was balanced out by Libya and Angola, Pipeline Oil and Gas Magazine reported.
The OPEC members produced around 30.55 million barrels per day (b/d) in February, down by 221,000 b/d from a month earlier, according to OPEC monthly oil market report.
Collectively, OPEC members reduced their output by 812,000 b/d; with Saudi Arabia, the largest OPEC producer, cutting its production by 322,000 b/d and Iraq by 141,000 b/d. Additionally, Russia cut its output by 230,000 b/d.
Meanwhile, Libya, the exempted country from the production cuts agreement, increased its output by 23,000 b/d, especially after reopening Sharara oilfield.