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OPEC Oil Production Drops To its Lowest Level in Four Years

OPEC’s production dropped to a four-year low in February Supported by Saudi Arabia and its Gulf Arab allies, who are increasing their share of cuts the monthly Reuters survey showed on Friday.

The cartel’s oil production in February 2019 fell by 300,000 bpd compared to January to stand at 30.68 million bpd—the lowest production level since February 2015, according to the surveys.

Saudi Arabia has signaled that it would further cut production to around 9.8 million bpd in March, some 500,000 bpd below its commitment in the OPEC+ deal.

Saudi Arabia would be also cutting its crude oil exports to near 6.9 million bpd in March, slashed from 8.2 million bpd just three months ago, as Saudi Arabia’s Energy Minister Khalid al-Falih said last month.

The eleven OPEC members bound by the production cut deal achieved compliance of 101 percent in February, the Reuters survey found, suggesting that the cartel’s largest producer and de facto leader Saudi Arabia slashed production by more than it had pledged in the agreement. Production in exempt member Venezuela further declined, while another exempted producer, Iran, managed to boost its exports compared to December, according to the survey.