Oil production in OPEC countries fell in February from a record level in January, reports Reuters, referring to your assessment, based on supply data and information obtained from industry sources. The decrease amounted to 280 thousand Barr./day, compared with the previous month.
The Agency notes that Saudi Arabia continued to produce oil at the same rate that reflects the Kingdom to adhere to the agreement on the freezing of oil at the January level, which was concluded on 16 December with Russia, Qatar and Venezuela. According to sources Reuters, the level of production in Saudi Arabia remained at the level of 10.2 million bbl./day.
The maximum decline occurred in Iraq, where 17 February the shipments by pipeline from the Kurdistan region with a capacity of 600 thousand Barr./day. He probably won’t be back in action until mid-March, writes Reuters.
Iran in February production increased by 200 thousand Barr. a day in comparison with December of last year, Reuters data shows. The Agency notes that the authorities of the Islamic Republic claim that increased its exports by 500 thousand Barr./day.
According to Reuters evaluation, production also fell in Nigeria, due to the accident with the oil spill and in the UAE in connection with the closure of several fields for maintenance.