OPEC’s monthly report for February was released Tuesday morning, and total output appears to have fallen from 32.097 million bpd in January to 31.958 million bpd. Members which agreed to the production freeze and cuts were able to reduce production from 29.9 million to 29.7 million bpd, with Iraq and the UAE continuing to pump above agreed-upon levels, exceeding quotas by 63,000 and 51,000 bpd, respectively. This is pretty good news, but in light of last week’s massive U.S. inventories and the subsequent decline in prices from $54 to $47, the report isn’t enough to indicate a reversal in OPEC’s suddenly declining fortunes . Secondary source verification indicated that Saudi production continued to fall, to 9.797 million bpd. According to direct communication, rather than continue its cuts, the country actually increased production between January and February, from 9.748 million to 10.011 million bpd. While total Saudi output has fallen […]