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According to a Reuters survey, this past February OPEC’s oil output dropped two its lowest levels since the height of 2009’s Global Financial Crisis. The drop is credited to geopolitical risks such as coronavirus’ impact on global crude demand, in addition to a drop in Libyan oil production which has caused the price of crude to drop below $50/barrel.

Geopolitical Issues Cause Drop in OPEC’s February Oil Output

According to a Reuters survey, this past February OPEC’s oil output dropped two its lowest levels since the height of 2009’s Global Financial Crisis. The drop is credited to geopolitical risks such as coronavirus’ impact on global crude demand, in addition to a drop in Libyan oil production which has caused the price of crude to drop below $50/barrel.

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