OPEC’s Oil Production Rose in February Despite Cut Extension

Despite the voluntary production cuts of several major producers of the OPEC+ alliance, OPEC’s oil production rose in February by more than 200,000 barrels per day (bpd) compared to January, driven by higher production in Libya, which is exempted from the OPEC+ supply cuts. Crude oil production from all OPEC members jumped by 203,000 bpd from January to 26.57 million bpd in February, OPEC’s Monthly Oil Market Report (MOMR) showed on Tuesday.   The biggest increase in output came from Libya, which has been exempt from…