OPEC monthly report highlights:

  • Feb output fell 175k bpd on Iraq, Nigeria and UAE outages
  • Total output was 32.28m bpd in Feb
  • Forecast that non-OPEC supply will decline by 700k bpd is becoming more uncertain, citing producer efforts to maintain production
  • Cuts 2016 demand forecast for its crude to 31.52m bpd from 31.61
  • Leaves 2016 world oil demand forecast unchanged at 1.25m bpd

Moments ago, OPEC's oil minister said there will be a meeting in April.

There is some bearish stuff in this report.

Overall, they saw non-OPEC output down just 40k bpd in non-OPEC countries in Feb while all of the OPEC declines were due to unplanned outages.