Markets

OPEC oil supply falls by 350,000 bpd in February

Published February 27, 2015 Updated February 27, 2015 01:48pm

1 min

By Shoaib Ur Rehman

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LONDON: The following table shows OPEC crude oil output in millions of barrels per day (bpd) in February and January, according to a Reuters survey published on Friday.

The survey shows output from the Organization of the Petroleum Exporting Countries has fallen by 350,000 bpd in February, below its target of 30 million bpd.

OPEC at a meeting on Nov. 27 agreed to retain that target for the first half of 2015 despite oversupply, a change of strategy aimed at defending market share rather than supporting prices.

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