The Organization of Petroleum Exporting Countries produced 32.28 million barrels per day this month—netting a reduction of 70,000 barrels per day compared to the previous month. The February output figure amounts to the lowest since April 2017. Compliance to the November 2016 agreement to cut output by 1.2 million barrels per day rose to 149 percent this month, jumping five points from January. “We still feel that the job is not complete,” Emirati Energy Minister Suhail al-Mazrouei told Reuters earlier this month. “The price is one thing, rebalancing the market is something else and we need to balance the market.” Oil prices in January topped $71 per barrel but fell to $66 on Wednesday. The UAE recorded the largest decline in output last month, but was late in meeting the full extent of its promised cuts until after a few months of the deal’s implementation, which began […]