OPEC Says Crude Production Fell in February

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Baku, March 15, AZERTAC

OPEC pumped less crude in February amid efforts by big oil producers to negotiate a deal that would limit oil output and raise prices, the group said on Monday, pointing to a slight drop in demand for its production this year, according to the Wall Street Journal.

The Organization of the Petroleum Exporting Countries' output fell by around 175,000 barrels a day last month to 32.28 million barrels on lower output from Iraq, Nigeria and the United Arab Emirates, the cartel said in its monthly market report.

Supplies from producers outside the cartel also fell by 40,000 barrels a day in February, and is expected to contract by around 700,000 barrels a day this year to average 56.39 million barrels, OPEC said in its report.

OPEC said that global oil demand, which saw a spectacular growth last year, will grow by 1.25 million barrels a day in 2016.

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