Opec oil supply fell to a four-year low in February, a Reuters survey found, as top exporter Saudi Arabia and its Gulf allies over-delivered on the group’s supply pact while Venezuelan output registered a further involuntary decline.
The drop of 300,000 barrels per day (bpd) comes despite criticism from US President Donald Trump, who on Monday tweeted a call for the group to ease its efforts to boost prices, saying they were “getting too high”.
On Jan. 1, the Organization of the Petroleum Exporting Countries and its allies began new production cuts to avert a glut that could soften prices. Opec sources say the deal will go ahead despite Trump’s pressure.
