The Organization of the Petroleum Exporting Countries (OPEC) increased oil production in February last year as it produced 28.97 million bpd this month, up 150,000 bpd from January.
A Reuters poll showed growth was supported by a recovery in Nigeria’s oil inventories, despite major oil producers’ commitment to the OPEC+ alliance’s broader output cut deal to support the market.
Production has continued to decline by more than 700,000 bpd since September.
