Opec crude shipments increased on the month in Febru- ary to 23.5mn b/d, with Saudi Arabia and Iraq upping their exports, but shipments were about 5pc down on the year, ac- cording to preliminary data from Oil Movements. Deliveries fell on the year as a result of the Opec production cuts pro- gramme and involuntary output decline in the three member countries that are exempt from the cuts — Venezuela, Iran, and in particular Libya, where ports remain blockaded.
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