OPEC's oil production rose in February – report

The core members of OPEC produced around 26.6 million b/d of oil in February, up by 203,000 b/d from 26.4 million b/d in January, according to data from its latest oil market report.

PHOTO: An oil pump jack with the OPEC flag in the background. Getty Images

The surge in oil output was mainly driven by increased production in Libya, which is exempt from the ongoing 2.2 million b/d supply cut pledge agreed upon by other coalition members.

Oil production at Libya’s largest oilfield, El Sharara, was restored in February, after being shut for three weeks in January due to local strikes and protests. The country’s oil production rose by 144,000 b/d to 1.17 million b/d in February, OPEC reported.

Meanwhile, Nigeria ramped up oil production by 47,000 b/d compared to January levels, according to the report. The country has struggled to meet the allocated production levels in recent years because of theft on onshore pipelines and other investment-related issues.

OPEC’s second-biggest producer, Iraq, also increased output by around 200,000 b/d, more than its allocated quota of 4 million b/d. The country’s oil production stood at 4.2 million b/d in February, according to the report.

The Vienna-headquartered group’s total production last month showed “weaker compliance,” according to ANZ Bank’s senior commodity strategist Daniel Hynes. “Iraq remained non-compliant for the second month,” he added.

However, OPEC’s de-facto leader, Saudi Arabia, produced a total of 8.98 million b/d of crude in February, in line with its pledge to cut output by 1 million b/d announced in 2023.

By Aparupa Mazumder 

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