OPEC's crude production dropped by 70,000 barrels per day (b/d) to 32.39 million b/d in February compared to January 2018, according to S&P Global Platts survey released Tuesday.

 

The decrease was driven by the continued contraction of Venezuela's oil output for the seventh month in a row, to 1.57 million b/d -- the lowest level recorded since Platts began its OPEC survey in 1988.

 

OPEC's output in February was 340,000 b/d below OPEC's notional ceiling of about 32.73 million b/d.

 

The ceiling represents the quota of all OPEC members based on the production cut agreement executed as of January 2017.

 

Crude output cuts by OPEC and non-OPEC members are scheduled to run through the end of 2018, with aim to rebalance the market.

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