OPEC output falls despite more crude from Iran

VIENNA: OPEC said on Monday (Tuesday in Manila) its oil production fell in February despite member Iran steadily increasing its output after international sanctions were lifted in January following a landmark nuclear deal.

The decrease can be largely attributed to a steep production drop in Iraq, which has suffered from the global price slump for crude and rival oil exports by the autonomous Kurdistan region, the Organization of the Petroleum Exporting Countries (OPEC) said in its February monthly report.