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Saudi Arabia Still Bears Brunt of Oil Cuts as OPEC Output Drops

  • Riyadh pumps 90,000 barrels a day less in February: survey
  • Previously compliant Angola ramps up output at new fields
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Citi's Ed Morse Says OPEC Is Losing Its Clout

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Saudi Arabia continued to lead OPEC’s efforts to cut production, helping the organization get closer to a goal set out in a historic accord last year.

Riyadh lowered oil supply by 90,000 barrels a day from a month earlier to 9.78 million in February, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. It was the second month in a row that the world’s biggest crude exporter pumped below its own target of 10.06 million barrels a day.