OPEC oil production hit a 14 month high in February with output from Saudi Arabia increasing by 80,000 barrels a day. Crude oil output by Saudi Arabia, the largest OPEC producer, averaged 8.2 million barrels a day in February.
Nigeria's oil production output declined by 85,000 barrels per day (4.2%) to an average of 1.94 million barrels per day. This is the largest decline posted by any OPEC member nation for the period. Attacks on oil installations in Nigeria have increased as the militant group "The Movement for the Emancipation of the Niger Delta" ended it's cease fire in January.
Another African oil producing nation, Angola, increased oil production by 75,000 barrels to 1.945 million barrels per day during February.
OPEC members will meet March 17 in Vienna to review output quotas and demand forecasts. In January OPEC reduced production quotas by 4.2 million barrels to 24.845 million barrels per day.
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