Extra Saudi Cut Sends OPEC Oil Production Plunging By 650,000 Bpd

OPEC’s crude oil production fell by 650,000 barrels per day (bpd) in February, due to the extra cut from top producer and de facto leader Saudi Arabia, the cartel’s Monthly Oil Market Report (MOMR) showed on Thursday. According to secondary sources, which OPEC considers legitimate for measuring production and compliance, total oil production averaged 24.85 million bpd in February 2021, a drop by 650,000 bpd compared to January. Crude oil production increased in all three OPEC members exempted from the OPEC+ cuts – Iran, Libya,…