According to oil and gas pipeline news, OPEC’s oil production declined slightly in February due to production cuts in Venezuela, Saudi Arabia and Iraq, but increased production in Libya and Angola offset this impact.
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In its monthly oil market report, OPEC said oil production averaged 30.55 million barrels a day in February, down by 221,000 barrels from last month.
OPEC and non-OPEC members agreed last year to cut production by 1.2 million barrels a day for six months starting next January to reduce oil inventories and support crude oil prices.
According to the report, OPEC crude oil demand is expected to reach 30.5 million barrels a day in 2019, 1.1 million barrels a day lower than the 2018 forecast.
“The slowdown in global economic growth is also expected to reduce oil demand to some extent in 2019,” OPEC said in its report. Global oil demand is expected to increase by 1.24 million barrels a day this year, down from 1.43 million barrels a day last year.
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