April 1, 2023

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.

Installations 300-300

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