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.
