OPEC output in February held level compared to the previous month, according to MEES estimates. Basket prices in March dipped below the $107/B mark for the first time since 26 December, but this was down more to dollar strength rather than any shift in fundamentals.

However, erratic production performance of certain members in recent months has highlighted concerns over capacity and underlined, not for the first time, the global oil market’s reliance on Saudi Arabia. (CONTINUED - 1574 WORDS)