OPEC crude oil production rose to 29.31 million barrels per day (bpd) in February, an increase of 60,000bpd from January, a Platts survey has revealed.
Output of the 11 members, bound by quotas, dipped by 10,000bpd to 26.75 million bpd in February. Increases of 10,000bpd from Angola, Iran, Iraq, Qatar, the UAE and Venezuela were offset by decreases totaling 110,000bpd from Libya and Nigeria.
With the price of oil at what many view to be a sweet spot now in the upper $70 to $80 per barrel range, OPEC has little appetite or need to make any changes at its upcoming March 17 meeting,” said John Kingston, Platts director of news.
“The one number that jumps out from the Platts survey is the drop of 100,000 b/d in output from Nigeria, where a fragile peace pact in the Niger Delta appears to be unravelling. After several months of both rising production and rising optimism that the worst was behind the country, the output drop in February looks like a discouraging setback,” he added.
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