Overall production down 221 MBOPD
By Richard Rostad, analyst, Oil & Gas 360

OPEC production fell sharply in February, with several major producers reporting declines according to OPEC’s Monthly Oil Market Report.

Overall oil output dropped by 221 MBOPD in 2019, bringing total group production to 30.5 MMBOPD. This is the lowest reported output since February 2015, according to Bloomberg. The drop in output helps the group’s efforts to stabilize the oil markets, which have not recovered from the Q4 2018 price drop.
Saudi production is at May 2018 levels
Much of this help, though, is not voluntary. Saudi Arabia continues to play its part as the swing producer of the group, and decreased output by 86 MBOPD. Iraq, Kuwait and UAE ec...


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