Oil supply from the Organisation of Petroleum Exporting Countries (OPEC) has dropped this month after bad weather delayed exports from Iraq’s southern ports, a Reuters survey has found.
OPEC output in February fell to 29.92mn barrels per day (bpd) from a revised 30.27mn bpd in January, according to the survey based on shipping data and information from sources at oil companies, OPEC and consultants.
Reuters cited the main reasons for the decline as “involuntary – poor weather slowing Iraq’s exports and unrest in Libya”.
“The largest reduction has come from Iraq, where southern oil exports slipped further from December’s record high due to bad weather delaying the loading and departure of tankers, according to shipping data and industry sources. Northern exports increased slightly,” it said.
“With one more day left in February, the total could be revised. If it remains at 29.92 million bpd, February’s supply would be OPEC’s lowest since June, based on Reuters surveys,” it added.
The survey also found that Iraq’s southern exports declined to 2.05mn bpd, from 2.39mn bpd in January, while exports from northern Iraq, comprising volumes of Iraq’s State Oil Marketing Organization and the Kurdistan Regional Government, have risen by 50,000 bpd, accoridng to sources.
“The southern decline is unlikely to be permanent as Iraq presses on with an expansion of its oil capacity. Exports are likely to hit new records in coming months, technical problems and weather delays permitting,” it said.
A notable decline in output has been present in Libya this month with fighting causing significant disruption to ports and oilfields, some of which were shut down.
Libyan supply fell further in February to average 270,000 bpd, the survey found.
Meanwhile, output from Saudi Arabia, OPEC’s largest producer, increased slightly. Output in Kuwait and the United Arab Emirates remained almost the same.Â
“Elsewhere in OPEC, Angola lifted supply slightly in February, the survey found, partly due to a new crude stream, Sangos. The other West African OPEC member, Nigeria, exported less due to fewer shipments of its largest stream, Qua Iboe,” the survey said.
