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

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


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

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Published Feb 29, 2024 12:09PM ET

© Reuters. FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo

LONDON (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 January Change Q1target* Under/over

output output vs. Jan. 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 0 70,000 -20,000

Gabon 0.210 0.210 0 169,000 41,000

Iraq 4.120 4.150 -30,000 4,009,000 111,000

Kuwait 2.410 2.410 0 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.

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

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