Global Oil Production Dropped by 1.2 Million Bpd in February

The world’s crude oil production fell by 1.2 million barrels per day (bpd) in February compared to the same month last year as steep output declines in Saudi Arabia and Iraq were partially offset by a large annual production gain in the United States, the latest data by the Joint Organizations Data Initiative (JODI) showed on Wednesday.       Compared to January 2024, global crude oil production jumped by 473,000 bpd in February as U.S. oil production rebounded following shut-ins due to bad weather in January,…