OPEC oil output rises by 90,000 bpd in February, survey finds
(Reuters) – The following table shows crude output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in February and January, according to a Reuters survey published on Thursday.
OPEC and allies, together known as OPEC+, announced a new round of voluntary cuts on Nov. 30 to be made in the first quarter of 2024. As part of this, Saudi Arabia extended its own 1 million bpd cut – first made in July 2023 – until the end of the first quarter.
The figures in the first and second columns of the table are in millions of barrels per day. Totals are rounded.
January output was not revised.
| February output | January output |
Change vs. Jan. | Q1 target* | Under/over target | |
| Algeria | 0.907 | 0.910 | -3,000 | 908000 | -1,000 |
| Congo | 0.260 | 0.270 | -10,000 | 277,000 | -17,000 |
| Eq. Guinea | 0.050 | 0.050 | 0 | 70,000 | -20,000 |
| Gabon | 0.210 | 0.210 | 0 | 169,000 | 41,000 |
| Iraq | 4.120 | 4.150 | -30,000 | 4,009,000 | 111,000 |
| Kuwait | 2.410 | 2.410 | 0 | 2,413,000 | -3,000 |
| Nigeria | 1.600 | 1.540 | 60,000 | 1,500,000 | 100,000 |
| Saudi Arabia | 8.970 | 8.990 | -20,000 | 8,978,000 | -8,000 |
| UAE | 2.900 | 2.920 | -20,000 | 2,912,000 | -12,000 |
| TOTAL OPEC 9 | 21.427 | 21.450 | -23,000 | 21,236,000 | 191,000 |
| Iran | 3.050 | 3.100 | -50,000 | ||
| Libya | 1.150 | 1.000 | 150,000 | ||
| Venezuela | 0.790 | 0.780 | 10,000 | ||
| TOTAL OPEC 12 | 26.417 | 26.330 | 87,000 |
* Output target as announced by the countries making voluntary cuts, or as announced by OPEC
Iran, Libya and Venezuela are exempt from OPEC output agreements.
The Reuters survey aims to assess crude supply to market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone.
Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate.
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