OPEC production well below ceiling of 32.73 million b/d Saudi output 9.98 mil b/d, Iraq 4.43 mil b/d, Iran 3.83 mil b/d Libya crosses 1 mil b/d threshold, Nigeria hits 28-month high Venezuela falls for seventh straight month to 1.57 mil b/d A continued collapse in Venezuela’s oil industry to a historic nadir and field maintenance that dropped UAE output to almost two-year lows drove down OPEC’s crude production to 32.39 million b/d in February, according to an S&P Global Platts survey released Tuesday. Related tables: OPEC crude oil output and production vs. cut allocations That is a 70,000 b/d decline from January, even as Libyan and Nigerian production hit multi-year highs in their recovery from civil unrest, the Platts review of analysts, industry sources and proprietary data found. The February output figure was 340,000 b/d below OPEC’s notional ceiling of about 32.73 million b/d, when every country’s quota […]