OPEC’s crude oil production fell to the lowest in more than ten years last month as a number of producers cut more deeply than they had agreed to and Libya’s output continues to fall amid the oil port blockade, a Reuters survey has shown. At 27.84 million bpd, the cartel’s February average was 510,000 bpd lower than the January average, with Libya’s production at a little over 120,000 bpd , down from over 1.2 million bpd at the start of the year. Only Iraq and Nigeria pumped more oil than they had agreed to, but this still kept production cut compliance levels above 100 percent, at 128 percent. Just days before the meeting of OPEC and its partners in Vienna, sources from the organization said OPEC was discussing even deeper cuts, adding another 1 million to the current cuts of 1.7 million bpd, up from an earlier proposal to […]