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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
OPEC's oil production rose in February despite output cuts by the wider OPEC+ group but output still lags target levels.
- From November OPEC+ agreed to a 2mbpd production target cut with OPEC's share of the cut at 1.27mbpd.
- OPEC said its crude oil output in February rose by 117kbpd to 28.92mbpd helped by a further recovery in output from Nigeria as well as increases from Saudi Arabia, Libya, Iran and Congo. OPEC output still lags target levels with underproduction from members including Nigeria and Angola.
- Nigeria was producing 362kbpd below the OPEC target in Feb at 1.38mbpd and Angola were 371kbpd below at 1.08mbpd according to the OPEC MOMR data.
- Bloomberg data shows total OPEC 10 output 576kbpd below target in February.
Source: MNI / Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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