OPEC crude oil production increased to 29.31mbpd in February, a gain of 60,000bpd from an estimated January level of 29.25mbpd, according to a recent Platts survey.

The survey of OPEC and oil industry officials showed that, excluding Iraq, output from the 11 members bound by quotas (OPEC-11) – under a 24.845mbpd collective target – fell by 10,000bpd to 26.75mbpd in February.

Increases totaling 170,000bpd from Angola, Iran, Iraq, Qatar, UAE and Venezuela were partly counterbalanced by a decrease totalling 110,000bpd from Libya and Nigeria, the latter’s production dropping by 100,000bpd to 1.98mbpd in February.

According to February estimates, OPEC-11 will likely overproduce its ceiling by 1.905mbpd, increasing its rate of compliance to 54.64% from January’s 54.4%.

Compliance with the 4.2mbpd of cuts agreed in late 2008 peaked at close to 82% in March last year, but has been falling since last April alongside a broad firming of oil prices.

OPEC ministers will meet in Vienna on 17 March to review its current production agreement, which has been in effect since January 2009.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData