OPEC Oil Production Drops to Four-Year Low

  • Economics
OPEC Oil Production Drops to Four-Year Low

OPEC oil supply has hit a four-year low in February after it had dropped by 300,000 barrels per day, given the overflow of supply from Saudi Arabia and its Gulf allies and the decline in Venezuela’s output.

A Reuters survey indicated that the 14 OPEC members extracted 30.68 million barrels per day (bpd) in February, which is the lowest outcome since 2015.

After OPEC and OPEC+ decided to decrease supply by 1.2 million, the survey found that 101 percent of the cuts has been achieved in February.

Saudi Arabia made the biggest drop in its supply, followed by Venezuela.

Source: Kataeb.org