Mubasher: Oil production of the Organization of Petroleum Exporting Countries (OPEC) dropped in February 2018, according to OPEC's data on Wednesday. Qatar was among the OPEC members that reduced its production in the second month of the year as well as other seven countries.
Qatar’s oil production dropped by 3,700 barrels per day (bpd) to 602,000 bpd in February, compared to 605 bpd a month earlier, the data showed.
Venezuela topped the countries that cut their oil production, as its crude output recorded 52,400 bpd, followed by the UAE, Iraq and Gabon with 34,300 bpd, 25,500 bpd and 9,100 bpd, respectively.
Meanwhile, other six countries rose their oil production topped by Nigeria with 24,900 bpd, followed by Angola, Libya and Saudi Arabia with 17,100 bpd, 9,000 bpd and 5,600 bpd, respectively.
OPEC’s production declined by 77,100 barrels to 32,186 barrel in February from 32,263 barrels the previous month.