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OPEC’s oil production drops in February to its lowest level in more than ten years

UNITED STATES (OBSERVATORY NEWS) — OPEC oil production fell in February to a minimum of more than a decade, as supplies from Libya fell due to blockade of ports and oil fields, and Saudi Arabia and other Gulf countries exceeded the terms of the new production restriction agreement, showed Reuters research.

On average, OPEC oil production fell by 510,000 barrels per day in February to 27.84 million barrels per day in February, a Reuters study showed.

OPEC and its allies will meet in Vienna on March 5-6, as planned, to decide whether to extend the reduction in oil production after its expiration in March and whether to increase this reduction, two sources said on Monday.

Russia has not received a proposal to reduce oil production in the framework of the transaction of OPEC and non-cartel countries, said Energy Minister Alexander Novak on Monday.

Several OPEC member countries, including Saudi Arabia, are inclined toward the need to further reduce oil production by 1 million barrels per day amid a sharp drop in oil prices, four sources in the oil market told Reuters.

OPEC, Russia and other allies, known as OPEC+, agreed on January 1, 2020 to strengthen the existing reduction in supply by 500,000 barrels per day.

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