February oil production survey from Reuters:
- Output -280K bpd to 32.37 mbpd
- Fall led by Iraq, Nigeria and UAE
- Iran's output rises 50K bpd to 3.1 mbpd
- Saudi Arabia pumps 10.20m bpd vs 10.25m bpd last month
On the face of it, there is some good news for oil here with production falling but it's coming off the strongest month in recent history. Moreover, the decline looks to be involuntary and will likely be reversed. Iraq's Kurdistan region has had a pipeline carrying around 600K bpd offline since Feb 17 that may be out until mid-March. An accident in Nigeria and maintenance in UAE are other reasons for declines.
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