OPEC oil production drops in February, with Venezuelan output down a seventh month
Oil production from the Organization of the Petroleum Exporting Countries fell by 70,000 barrels a day to 32.39 million barrels in February from a month earlier, according to an S&P Global Platts report released Tuesday. The decline was driven by "continued collapse in Venezuela's oil industry to a historic nadir" and field maintenance that dropped output from the United Arab Emirates to almost two-year lows. Production from OPEC members that participate in the output-cut agreement was well below the ceiling of 32.73 million barrels a day, the report said. April West Texas Intermediate crude was up 13 cents, or 0.2%, to $62.70 a barrel on the New York Mercantile Exchange.
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