OPEC’s production dropped to a four-year low in February, helped by Saudi Arabia and its Arab Gulf allies overachieving in their shares of the cuts, the monthly Reuters survey showed on Friday. According to the survey tracking supply to the market and based on shipping data and information provided by sources at oil companies, consulting firms, and OPEC, the cartel’s oil production in February 2019 fell by 300,000 bpd compared to January to stand at 30.68 million bpd—the lowest production level since February 2015, according to Reuters surveys. Saudi Arabia has already signaled that it would further cut production to around 9.8 million bpd in March, some 500,000 bpd below its commitment in the OPEC+ deal. Saudi Arabia’s Energy Minister Khalid al-Falih said last month that Saudi Arabia would be also cutting its crude oil exports to near 6.9 million bpd in March, slashed from 8.2 million bpd just […]