OPEC Production Compliance Falls to 40% on Saudi Arabia Increase
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OPEC’s compliance with the production quotas its members agreed to in 2008 fell last month as Saudi Arabia raised output to almost 9 million barrels a day.
Average daily production from the 11 countries bound by quotas rose 131,200 barrels a day to 27.38 million barrels a day in February, the group’s Vienna-based secretariat said today in a monthly report. That implies compliance of 40 percent, compared with a revised 43 percent in January.