OPEC supply cut compliance hit record in Feb.

VIENNA, March 21 (Xinhua) -- OPEC member states and their allies, including Russia, made a new record in jointly cutting oil production last month, a joint OPEC and non-OPEC committee said on Wednesday.

"Participating OPEC and non-OPEC producing countries have set a new record in February with their voluntary production adjustments, achieving a level of 138 percent" of pledged output cut, according to committee.

OPEC and its allies had jointly cut 1.8 million barrels a day in oil production since January of 2017 to balance the global market.

In February, OPEC pumped 32.19 million barrels a day, 77,000 barrels less than in January, according to the monthly report issued last week.

It's the fifth consecutive month that OPEC has produced less oil, and Venezuela accounts for the biggest contribution to the production decline last month, producing 51,900 barrels a day less than in January.

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