The average amount of crude oil produced by OPEC in February was 150,000 bpd higher than it was in January, according to a Reuters survey published on Tuesday. According to the poll, OPEC produced 28.97 million bpd of crude oil in February, an increase, but it is still 700,000 bpd less than it did in September 2022.
OPEC+, which is in charge of producing almost 40% of the world’s crude oil, lowered its oil production goals as a result of the sharp decline in demand during the pandemic. As demand grew last year, the organisation gradually boosted its production targets.
OPEC+ decided to start reducing its production targets in September of last year, with the changes taking effect in October. The organization at the time was still producing below average by about 3 million bpd, so the reduction was primarily seen as symbolic. But as of OPEC’s October 2022 meeting, oil prices had dropped from $120 Brent to less than $90 Brent, and OPEC+ proceeded to tighten the oil markets even more by drastically reducing their production targets by 2 million bpd, beginning in November.
Production for the ten OPEC nations who are a part of the larger OPEC+ pact fell 880,000 bpd short of goals in February. This puts the members closer to their goal than they did in January when they produced 920,000 fewer barrels per day than they had hoped to.
According to the Reuters survey, Nigeria was responsible for OPEC’s highest output gain in February, increasing production by 100,000 bpd. The second-largest production rise occurred in Iraq. February saw an 80,000 bpd decrease in crude oil production in Angola.
The Reuters survey is based on shipping data, Petrologistics, and Kpler, along with information provided by OPEC and consultants.