OPEC Production Sinks Before Meeting as Conflict Roils Libya
- Output already cut to lowest since the global financial crisis
- Cartel is mulling deeper reduction in response to coronavirus
A fighter with the United Nations-backed Libyan government forces fires at a Libyan National Army position in Tripoli, Libya, on Feb. 26.
Photographer: Xinhua News Agency/Getty Images
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OPEC’s output plunged again last month as the group’s voluntary cutbacks were amplified by a conflict that halted exports from Libya.
Production declined by 480,000 barrels a day to 27.91 million a day in February, according to a Bloomberg survey. That’s the lowest since 2009, when the group had just slashed supplies during the global financial crisis, yet OPEC finds itself under pressure to reduce output even further in response to the coronavirus.