OPEC increases oil production 200,000 bpd in Feb to 26.6 million bpd, OPEC+ exceeds production plan by 200,000 bpd
MOSCOW. March 12 (Interfax) - OPEC countries increased oil production 203,000 barrels per day in February to 26.571 million bpd, the organization's report says.
Libya (+144,000 bpd) and Nigeria (+47,000 bpd) led the increase in production.
The countries participating in the OPEC+ deal to limit production exceeded the declared level by 200,000 bpd, taking into account all the announced restrictions, including voluntary ones, Interfax calculations show.
Several OPEC+ countries, in addition to the specified quotas, have voluntarily reduced production 1.66 million bpd since May 2023 through the end of 2024, 500,000 bpd each coming from Russia and Saudi Arabia, the leaders of the deal. The following countries took part in the voluntary reduction: Kazakhstan (78,000 bpd), Oman (40,000 bpd), UAE (144,000 bpd), Kuwait (128,000 bpd), Iraq (211,000 bpd), and Algeria (48,000 bpd).
These same countries are further reducing production 2.2 million bpd in Q1 2024, OPEC said. However, all the above mentioned countries will reduce production 1.7 million bpd, and Russia will reduce the export of oil and petroleum products 500,000 bpd.
Saudi Arabia promised to reduce production an additional 1 million bpd in Q1 2024, while Iraq promised 223,000 bpd, the UAE 163,000 bpd, Kuwait 135,000 bpd, Kazakhstan 82,000 bpd, Algeria 51,000 bpd and Oman 42,000 bpd.
Table, in '000 bpd
Production, January 2024 Production, February 2024 Change in production MoM Permitted production level, 2024 Difference Required production with voluntary reductions Difference (including voluntary reductions) Algeria 911 918 6 1007 -89 908 10 Congo 244 251 7 277 -26 277 -26 Equatorial Guinea 55 51 -4 70 -19 70 -19 Gabon 205 205 0 177 28 177 28 Iraq 4217 4203 -15 4431 -228 3997 206 Kuwait 2429 2421 -8 2676 -255 2413 8 Nigeria 1429 1476 47 1500 -24 1500 -24 Saudi Arabia 8962 8980 18 10478 -1498 8978 2 UAE 2926 2933 7 3219 -286 2912 21 Total OPEC (OPEC+ members) 21378 21438 60 23835 -2397 21232 206 Iran 3163 3148 -15 Libya 1023 1167 144 Venezuela 804 820 16 Total OPEC 26368 26571 203