Free Trial

OPEC Feb Output Rises by 87k b/d: Reuters

OIL

Oil output among the OPEC 9 members rose by around 87k b/d in February, according to a Reuters survey.

  • In terms of the additional voluntary cuts for Q1, the OPEC-9 members exceeded their quotas by 191k b/d.
  • The survey did not include wider members of OPEC+, such as Russia, Kazakhstan, and Oman who also agreed to further voluntary Q1 cuts.
  • Countries that exceeded their quotas were (amount exceeded in brackets): Iraq (+111k b/d), Nigeria (+100k b/d), and Gabon (41k b/d).
  • Countries below target: Algeria (-1k b/d), Congo (-17k b/d), Equatorial Guinea (-20k b/d), Kuwait (-3k b/d), Saudi Arabia (-8k b/d), and the UAE (-12k b/d).
  • Iraq’s production fell 30k b/d from Jan to Feb but continues to be above target.
  • Only Nigeria’s, Libya’s, and Venezuela’s production rose, up by 60k b/d, 150k b/d, and 10k b/d respectively. The latter two are not subject to quotas.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.