New Delhi, Feb. 9 -- The latest survey conducted by S&P Global Commodity Insights reveals a notable drop in Organization of the Petroleum Exporting Countries (OPEC+) crude oil production, marking the steepest decrease in six months.

However, the decline fell short of the approximately 700,000 barrels per day (b/d) in cuts pledged by the group for the first quarter of 2024.

In January, OPEC+ crude output witnessed a decline of 340,000 b/d, attributed partly to voluntary cuts implemented by some members and disruptions in Libya's largest oil field due to protests.

Despite this significant reduction, several members, including Iraq, Kazakhstan, the UAE, and Kuwait, failed to meet their agreed-upon targets.

The core group of OPEC countrie...