OPEC+ Oil Production Is 1 Million Bpd Lower Than Target Level

The OPEC+ group continues to severely underperform in its oil production levels compared to the target in the pact, with February output at more than 1 million barrels per day (bpd) below the collective quota and compliance rate jumping to 136 percent, Reuters reported on Friday, quoting two sources.   In January, the overall compliance rate at OPEC+ producers was 129 percent, also indicating that the members of the pact haven’t been able to pump to their collective quotas. The compliance rate has been steadily rising in recent months—meaning…