* Libyan output posts biggest drop on unrest
* Saudi, Gulf allies cut more oil than new deal calls for
* Nigeria, Iraq pump more
* Output by country, compliance: By Alex Lawler
LONDON, March 2 (Reuters) - OPEC oil output dropped in
February to the lowest in over a decade as Libyan supply
collapsed due to a blockade of ports and oilfields and Saudi
Arabia and other Gulf members overdelivered on a new
production-limiting accord, a Reuters survey found.
On average, the 13-member Organization of the Petroleum
Exporting Countries pumped 27.84 million barrels per day (bpd)
last month, according to the survey, down 510,000 bpd from
January's figure.
Despite the drop in supply, crude prices LCOc1 have
slipped to below $50 a barrel on concern that the coronavirus
outbreak will cut oil demand. OPEC and its allies meet this week
to discuss further steps to support the market. OPEC, Russia and other allies, known as OPEC+, agreed to
deepen an existing supply cut by 500,000 bpd from Jan. 1, 2020.
OPEC's share of the new reduction is about 1.17 million bpd, to
be made by 10 members, all except Iran, Libya and Venezuela.
The 10 OPEC members bound by the agreement easily exceeded
the pledged cuts in February thanks to Saudi Arabia and its Gulf
allies cutting more than called for to support the market.
Still, an increase in production by Iraq and Nigeria - both
laggards in delivering on previous OPEC+ agreements - meant that
OPEC complied with 128% of the pledged cuts in February, the
survey found, down from 133% in January.
LIBYAN PLUNGE
February's output was the lowest by OPEC since at least
2009, the year in which the group implemented its biggest-ever
supply cut due to the financial crisis, excluding membership
changes that have taken place since then, according to Reuters
survey records.
Oil output in Libya has plunged since Jan. 18 due to a
blockade of ports and fields by groups loyal to eastern-based
commander Khalifa Haftar.
Production in Libya averaged 155,000 bpd during the month,
the survey found, down from 760,000 bpd in January.
There were no other significant output declines in the
group, the survey showed. Saudi Arabia voluntarily kept output
below its quota, and Kuwait and the United Arab Emirates also
overdelivered, sources in the survey said.
Among countries pumping more, the February survey suggests
Nigeria and Iraq, both laggards in making cuts in 2019, raised
output due to higher exports.
Production was steady in the other two exempt producers,
Iran and Venezuela. Iran is under U.S. sanctions that are
limiting its exports, and Venezuela is contending with both U.S.
sanctions and a long-term decline in output.
Ecuador left OPEC at the end of 2019, lowering OPEC
production by about 500,000 bpd compared to December.
The Reuters survey aims to track supply to the market and is
based on shipping data provided by external sources, Refinitiv
Eikon flows data and information provided by sources at oil
companies, OPEC and consultants.
OPEC oil supply cuts https://tmsnrt.rs/2OYm9OG
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(Editing by Jan Harvey)