| Oil production from OPEC dropped to its lowest level in 2 ˝ years according to a Bloomberg survey. Production dropped by 11,000 barrels per day from January to February, down to an average of 29.877 million barrels per day. OPEC’s production hasn’t been that low since June 2011.
Much of the lost production was due to a decrease in production in Saudi Arabia, as well as the ongoing political conflict in Libya and Nigeria that has forced capacity offline. Libya’s oil production dropped by 120,000 bpd in February, marking its ninth out of eleven months in which oil production dropped. Its daily output now stands at 350,000 barrels – the country has the ability to produce around 1.5 million bpd, as it did before its civil war...............................................Full Article: Source
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