OPEC+ countries exceed oil production plan in Feb by 420,000 bpd - IEA

MOSCOW. March 14 (Interfax) - OPEC+ countries exceeded planned oil production in February by 420,000 thousand barrels per day due to increased production in Iraq, Kazakhstan and the UAE, analysts from the International Energy Agency (IEA) said.

Oil production in all 22 member-countries increased 90,000 bpd to 41.58 million bpd in February, with production in Libya increasing noticeably, and compensating for the decline in production in other countries.

Kazakhstan and Iraq were unable to fulfill their obligations in full in what is the second month of additional voluntary cuts promised by some members of the bloc, the IEA said. Although Kazakhstan reported its largest production decline in February, it still produced 120,000 bpd above its quota. Both countries, which have a combined production surplus of 370,000 bpd, promised to improve compliance and compensate for overproduction in the first quarter of 2024, IEA analysts said.

Production from 18 quota producers in February was 420,000 bpd above the 34.3 million bpd forecast after Iraq, Kazakhstan and the UAE continued to exceed their targets.

Production in 12 OPEC member countries increased 140,000 bpd to 26.91 million bpd, while non-OPEC countries reduced production 50,000 bpd to 14.67 million bpd. Russia increased oil production in February 20,000 bpd compared to January to 9.42 million bpd, the IEA said.