OPEC in Feb makes 81 pct of oil supply cuts-survey

OPEC oil supply fell in February for a sixth straight month as members enforced a deal to cut output and prop up oil prices, but output remained above target levels, a Reuters survey showed on Monday.

Supply from the 11 members of the Organization of the Petroleum Exporting Countries with output targets declined to 25.62 million bpd from 26.27 million bpd in January, according to the survey of oil firms, OPEC officials and analysts.

The survey suggests OPEC has delivered on 81 percent of its supply cutbacks promised since last year as oil prices collapsed due to the economic crisis. Its efforts have helped to put a floor under oil prices, analysts said.
Forbes