OPEC output fell last month as deeper cuts enacted

摘要

OPEC output totaled 29.080MM b/d last month, a four-month low that was down 470K b/d from Dec. levels of 29.550MM b/d according to S&P Global Platts latest survey. The month-on-month decline came as Saudi Arabia produced below its new 9.91 0MM b/d quota under the revised 1.7MM-b/d OPEC+ deal, reporting output of 9.744MM b/d last month. The country's Energy Minister, Abdulaziz bin Salman, told reporters that the Saudis will maintain output at 9.744MM b/d this month although this may be subject to change due to the ongoing concerns over the coronavirus and talks that OPEC+ could deepen cuts by another 600K b/d in response.