Saudi Arabia continued to lead OPEC's efforts to cut production - BBG

According to a Bloomberg story reported overnight, Saudi Arabia emerged the leading oil producers to cut maximum output.

Key Points:

Saudi Arabia continued to lead OPEC's efforts to cut production

Riyadh lowered oil supply by 90,000 barrels a day from a month earlier to 9.78 million in February, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data.

Organization of Petroleum Exporting Countries' production fell to 32.17 million barrels a day in February, a 65,000 barrel-a-day drop from January

Increases from Iran, Nigeria and Libya (permitted under the terms of the agreement)

OPEC's total output remains 415,000 barrels a day above the target set out in the Nov. 30 deal

The group as a whole is only about 70 percent of the way toward the production level it deemed necessary to eliminate a global oversupply and boost prices