OPEC output falls to ten-year low in February

OPEC oil output dropped 510K b/d m-o-m in February to 27.84M b/d, the lowest level since the financial crisis in 2009, a Reuters survey shows.

The drop in output was caused by the collapse in Libyan oil output since 18 January due to a blockade of ports and oil fields and over compliance with the OPEC+ production cuts by Saudi Arabia.