Opec production tumbled by 400,000 b/d in February as Saudi Arabia’s voluntary 1mn b/d cut came into force. The kingdom’s additional cuts have helped fuel an oil price rally in the first quarter of 2021, but the latest oil market figures from Opec point to continued demand fragility.
Average February output for Opec was 25.05mn b/d, the lowest figure since October’s 24.50mn b/d (see table 1). The fall brought to an end a run of seven straight monthly increases driven by the gradual unwinding of production cuts and the rebound in production from Libya (MEES, 5 February). (CONTINUED - 842 WORDS)