OPEC+ Oil Production Up By 160,000 Bpd In Feb, Falling Short Of Quota By 1.7Mln Bpd - IEA

OPEC+ Oil Production Up By 160,000 Bpd In Feb, Falling Short Of Quota By 1.7Mln Bpd - IEA
# 15 March 2023 17:40 (UTC +04:00)

"OPEC+ countries that have obligations under the agreement on limiting oil production increased output by 160,000 barrels per day in February, reducing the gap from the quotas to 1.7 million barrels per day from 1.9 million barrels per day," said the International Energy Agency (IEA), APA reports.

"Production from the 19 members subject to quotas increased by 160 kb/d to 38.38 mb/d in February - narrowing the gap between the bloc's supply and official targets to 1.7 mb/d versus 1.

9 mb/d in January. Russia, because of sanctions, pumped 570 kb/d below quota, while Nigeria, Angola and Malaysia are trailing due to operational issues," the report read.

Crude oil production in all 23 OPEC+ countries increased by 180,000 barrels per day in February, according to the IEA.

"OPEC+ crude oil production from all 23 countries rose 180 kb/d to 44.53 mb/d in February, with Russia, Saudi Arabia and Nigeria driving the increase. Output in Kazakhstan, Angola and Iraq declined due to maintenance and unplanned outages," the report said.

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