UPDATE 2-Fearing new oil glut, OPEC builds case for keeping supply cuts

*Venezuela, under U.S. sanctions, leads OPEC production lower. *OPEC compliance with supply-cutting deal rises in Feb. "While oil demand is expected to grow at a moderate pace in 2019, it is still well below the strong growth expected in the non- OPEC supply forecast for this year," OPEC said in the report.

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