OPEC February Crude Production Falls to 2 1/2-Year Low in Survey

OPEC crude production dropped to the lowest level in more than two years in February, led by declines in Libyan and Saudi Arabian output, a Bloomberg survey showed. Output by the 12-member Organization of Petroleum Exporting Countries decreased 11,000 barrels to an average 29.877 million barrels a day from 29.888 million in January, the survey of oil companies, producers and analysts showed. It was the least since June 2011. Last month’s total was unrevised. Libyan output dropped by 120,000 barrels a day to 350,000 in February, the ninth decline in 11 months. The country pumped 210,000 barrels a day in November and December, the lowest level since September 2011. Saudi Arabia, the group’s biggest producer, curbed output by 110,000 barrels a day to 9.59 million. The desert kingdom pumped 10 million barrels a day in September, the most in monthly data going back to 1989. Angola crude production rose by 207,000 barrels a day to 1.687 million this month. It was the biggest increase in the group this month and the African country’s biggest gain since August 2012. Output tumbled 258,000 barrels a day to 1.48 million in January, the least since Angola joined OPEC in 2007, because of maintenance at the Plutonio offshore field operated by BP Plc. Source :  http://www.bloomberg.com/news/2014-02-27/opec-february-crude-production-falls-to-2-1-2-year-low-in-survey.html