OPEC Oil Production Drops to 10-Month Low
- Crude output falls to 32.28 million barrels a day: survey
- United Arab Emirates have Das Blend fields under maintenance
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Crude production from OPEC countries fell to a 10-month low in February, mainly due to maintenance at a field in the United Arab Emirates and continued output declines in Venezuela.
The Organization of Petroleum Exporting Countries and allies including Russia have defied the skeptics by going deeper than their pledged cuts and maintaining them for long enough to deplete bloated inventories and boost prices. While the group says it’s committed to the deal for the remainder of the year, it’s also contending with a record-breaking surge in U.S. output that could undermine its efforts.