OPEC oil output falls 870,000 bpd in February – Reuters

Eren Sengezer FXStreet

According to a recently conducted Reuters survey, the Organization of the Petroleum Exporting Countries' total oil output in February declined by 870,000 barrels per day (bpd), marking the first monthly decline in eight months.

"OPEC oil output fall led by Saudi Arabia; Nigeria posted the biggest increase," Reuters further noted. OPEC states' compliance with OPEC+ output cut pledges rose to 121% in February from 103% in January.

Market reaction

Crude oil prices showed no immediate reaction to this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $62.05, rising 0.8% on a daily basis.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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