OPEC cuts oil production in February despite pressure from Trump

Source: Xinhua| 2019-03-15 02:08:51|Editor: yan
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VIENNA, March 14 (Xinhua) -- OPEC cut oil production by 221,000 barrels per day (bpd) to 30.55 million barrels per day in February, according to its monthly report published here on Thursday.

"According to secondary sources, total OPEC-14 preliminary crude oil productions averages 30.55 million bpd in February, a decrease of 221,000 bpd over the previous month," the Organization of the Petroleum Exporting Countries said in the report.

The OPEC Reference Basket (ORB), a weighted average of prices for petroleum blends produced by the cartel's members, rose in February for the second consecutive month, increasing by about 9 percent, or 5.09 U.S. dollars, month-on-month to average 63.83 U.S. dollars per barrel, said the report.

"Oil prices were supported by expectations of tightening oil supply in the coming months amid increased unplanned outages," it added.

Saudi Energy Minister Khalid Al-Falih suggested last month that he favored maintaining output curbs when asked to comment on U.S. President Donald Trump's tweet on February 25 demanding OPEC to "relax" its stance on tightening supplies.