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OPEC Oil Output Rises In Feb On Nigeria Rebound

OIL

OPEC oil output rose in February led by a further recovery in Nigerian supply, but output remined below production targets, a Reuters survey found on Tuesday,

  • OPEC pumped 28.97mbpd this month, up 150kbpd from January, the survey showed.
  • Nigerian output rose by 100kbpd on the month moving closer to its 1.6mbpd production target.
  • Nigeria has been battling crude theft and security issues in its oil-producing region, hitting output. Many crude streams exported more in February, the survey found, although Africa's top producer is still pumping much less than its OPEC target.
  • Output is significantly undershooting targeted amounts because many producers - notably Nigeria and Angola - lack the capacity to pump at the agreed levels.
  • The 10 OPEC members required to cut production pumped about 880kbpd below the group's target, the survey found. The shortfall in January was about 920kbpd.
Energy BulletsCommodities
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