OPEC+ boosts oil output by 300,000 bpd in Feb, exceeds plan by 67,000 bpd; Kazakhstan, Iraq top 480,000 bpd

MOSCOW. March 12 (Interfax) - OPEC+ countries participating in the agreement boosted oil production by 313,000 barrels per day to 35.5 million bpd in February, according to OPEC's monthly report.

The volume should have been 35.44 million bpd in February, thus the participant countries exceeded the volume by 67,000 bpd according to the agreement's quotas, as well as the schedule of compensation for previously uncut production.

Meantime, OPEC countries participating in the agreement exceeded the required production level by 240,000 bpd primarily owing to Gabon at nearly 50,000 bpd, Iraq at 130,000 bpd, the United Arab Emirates at 40,000 bpd, and Nigeria at 60,000 bpd, which has been producing below its permitted volume for nearly a year.

Iraq, which regularly transgresses on its commitments and promises to compensate for previously uncut volumes, with compensation supposed to have been 120,000 bpd in February, ramped up production by 20,000 bpd to over 4 million bpd last month, thus exceeding the commitment by 130,000 bpd.

Non-OPEC countries participating in the deal increased production by 208,000 bpd to 14.15 million bpd, but were below the established commitment by 174,000 bpd, mainly owing to Mexico being down 295,000 bpd, Azerbaijan down 75,000 bpd, South Sudan and Sudan.

Kazakhstan was the worst defaulter among the category of countries, having also promised to compensate for the uncut volumes, 52,000 bpd in February, though increased production by almost 200,000 last month bpd, thus exceeding the commitment by 350,000 bpd.

Iraq and Kazakhstan together thereby exceeded the commitments by 480,000 bpd in February. The two countries had previously promised to compensate for all uncut volumes and submit new schedules by March 17.