OPEC oil output rises by 90,000 bpd in February, survey finds

Credit: REUTERS/LEONHARD FOEGER

LONDON, Feb 29 (Reuters) - The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in February and January, according to a Reuters survey published on Thursday.

OPEC and allies, together known as OPEC+, announced a new round of voluntary cuts on Nov. 30 to be made in the first quarter of 2024. As part of this, Saudi Arabia extended its own 1 million bpd cut - first made in July 2023 - until the end of the first quarter.

The figures in the first and second columns of the table are in millions of barrels per day. Totals are rounded.

January output was not revised.

February output

January

output

Change vs. Jan.

Q1 target*

Under/over target

Algeria

0.907

0.910

-3,000

908000

-1,000

Congo

0.260

0.270

-10,000

277,000

-17,000

Eq. Guinea

0.050

0.050

70,000

-20,000

Gabon

0.210

0.210

169,000

41,000

Iraq

4.120

4.150

-30,000

4,009,000

111,000

Kuwait

2.410

2.410

2,413,000

-3,000

Nigeria

1.600

1.540

60,000

1,500,000

100,000

Saudi Arabia

8.970

8.990

-20,000

8,978,000

-8,000

UAE

2.900

2.920

-20,000

2,912,000

-12,000

TOTAL OPEC 9

21.427

21.450

-23,000

21,236,000

191,000

Iran

3.050

3.100

-50,000

Libya

1.150

1.000

150,000

Venezuela

0.790

0.780

10,000

TOTAL OPEC 12

26.417

26.330

87,000

* Output target as announced by the countries making voluntary cuts, or as announced by OPEC

Iran, Libya and Venezuela are exempt from OPEC output agreements.

The Reuters survey aims to assess crude supply to market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone.

Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate.

(Reporting by Alex Lawler; Additional reporting by Ahmad Ghaddar; Editing by Jonathan Oatis Editing by)

((alex.lawler@thomsonreuters.com; Twitter: @AlexLawler100))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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