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OPEC continues pumping less oil over past 5 months

Xinhua,March 20, 2018 Adjust font size:

VIENNA, March 14 (Xinhua) -- OPEC's oil production continues to decline over the past five months while other oil pumpers are expected to produce more, the cartel's monthly report on Wednesday said.

The Organization of the Petroleum Exporting Countries (OPEC) in February pumped 32.19 million barrels a day, 77,000 barrels less than in January, according to the report.

It's the fifth consecutive months that OPEC is producing less oil.

Venezuela accounts for the biggest contribution to the production decline last month, producing 51,900 barrels a day less than in January.

While the cartel's oil production was in decline in the past five months, non-OPEC producers are pumping more oil.

OPEC and its allies are strictly sticking to the agreement of oil production ceiling to bring the market back to balance.

The report also shows that the global oil demand is increasing due to the better economy performance. Enditem

 

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