OPEC Oil Production Declines in FebruaryThe 11-member OPEC saw a decrease in oil production in February, with the daily output reduced to 2, 781 barrels from 2,850 barrels per day one month ago, according to a report released by the Paris-based International Energy Agency (IEA) on Wednesday.According to the monthly IEA report, the output of 10 OPEC members excluding Iraq stood at 2,575 barrels per day in February. Iraq is still under the UN sanctions. The IEA also released in the report its forecast that average world oil demand this year will reach 76.8 million barrels per day, which will be 500,000 barrels less than its earlier forecast in January. The IEA expects the slowing world economy might curb the oil demand this year. The IEA oil report has not had any significant effects on the world market so far. Media reports say Venezuelan Oil Minister Alvaro Silva indicated on Wednesday that OPEC may reduce production by between 500,000 and one million barrels per day. Observers believed that oil prices could go up if OPEC adopts a cutback policy for the second time this year. OPEC reduced production in January. |
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