- OPEC undershot production quota by 880K bpd in Feb vs 920K bpd in January
- Compliance at 169% of pledged cuts vs 172% prior[OPEC output rises by 150k bpd from January
- Nigerian output rose 100k bpd in Feb
- Angola output fell 80k bpd on maintenance
Nigeria is a tricky one because one of the main problems is pipeline theft. The thing is, that stolen oil still ends up on the global market, so if it's simply moving in-and-out of the official count, does it really change anything?
In any case, crude is having a nice day today, up $1.84 to $77.52.
