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According to a recently conducted Reuters survey, the Organization of the Petroleum Exporting Countries’ total oil output in February declined by 870,000 barrels per day (bpd), marking the first monthly decline in eight months.

“OPEC oil output fall led by Saudi Arabia; Nigeria posted the biggest increase,” Reuters further noted. OPEC states’ compliance with OPEC+ output cut pledges rose to 121% in February from 103% in January.

Market reaction

Crude oil prices showed no immediate reaction to this headline. As of writing, the barrel of West Texas Intermediate (WTI) was trading at $62.05, rising 0.8% on a daily basis.

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