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March 11, 2010

OPEC February Production at 29.31mbpd

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 (OPE

By cms admin

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.

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