Saudi Arabia’s shipments of crude oil fell last month, indicating OPEC’s biggest producer is continuing to cut supplies by more than it originally pledged. The world’s largest crude exporter shipped 7.04 million barrels a day in February, a drop of 126,000 barrels a day from January, vessel-tracking data compiled by Bloomberg show. Measured against the country’s own figures, outflows are down by about 1 million barrels a day since December. Saudi Arabia is at the forefront of an agreement by the Organization of Petroleum Exporting Countries to curb output for at least six months to reduce a worldwide surplus that depressed oil prices since mid-2014. Production figures from January showed that OPEC members were at about 90 percent in adhering to the deal. However, 11 non-OPEC nations that had joined the effort lagged, with a compliance rate of about 50 percent. Higher prices caused by lower output may increase […]