Research Team at BBH, notes that the IEA reports that OPEC output slipped 90k barrels a day in February. Key Quotes “The market seemed to like the news, but it looks no more than a rounding error. Iraq, UAE, and Nigeria had declines in output, which were offset nearly in full by the 220k barrel a day increase by Iran. Iran output reached a four-year high of 3.22 mln barrels a day. Particularly noteworthy is the fact that Saudi output edged higher to 10.23 mln barrels a day from 10.21 mln. The output freeze that captured the imaginations of many was required Iran to participate. It is not, and cannot until its output has reached pre-sanction levels. This may take a several more months, according to reports.” For more information, read our latest forex news.