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15-Mar-2017

Saudi Arabia's crude supply fell in February despite higher output, Energy Ministry says

Saudi crude oil supply to world markets has changed little in the past two months and in line with OPEC output cut targets, the Saudi Ministry of Energy said on Tuesday. Saudi Arabia reported to the OPEC that its production increased to 10.011 mbpd in February – still in line with its OPEC output target - up by 263,000 bpd from January, but the amount of crude supplied to the market fell to 9.90 mbpd from 9.99 mbpd in January, according to the ministry. "The difference between what the market observes as production, and the actual supply levels in any given month, is due to operational factors that are influenced by storage adjustments and other month to month variables," the ministry added. "Saudi Arabia assures the market that it is committed and determined to stabilising the global oil market by working closely with all other participating OPEC and non-OPEC producers." 

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