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OPEC+ is 1.72 million bpd of oil production short of February plan – IEA
KYIV. March 15 (Interfax-Ukraine) – O PEC+ countries produced 38.38 million bpd of oil in February, while under the terms of their agreement they could have produced 40.1 million bpd, analysts from the International Energy Agency (IEA) said.
Therefore, the shortage to the plan for the month totals 1.72 million bpd. Compared to January, alliance countries increased oil production 160,000 barrels per day.
Production by OPEC countries participating in the agreement in January reached 24.67 million bpd, which is 750,000 bpd below the required production levels. Non-OPEC countries last month produced 980,000 bpd below the permitted level of 15.36 million bpd, or 13.71 million bpd without Mexico.
Oil production in Saudi Arabia rose to 10.47 million bpd amid increased exports, which is only 10 thousand bpd below the kingdom’s quota. The UAE again outperformed the deal by 210,000 bpd, averaging 3.23 million bpd last month. Oil production in Kuwait corresponded to the quota established under the agreement – 2.68 million bpd. Iraq cut oil production by 50,000 bpd to 4.37 million bpd, 60,000 bpd below the permitted level.
Oil production in Russia in February increased 130,000 bpd to 9.91 million bpd. IEA experts believe that Russian was able to find additional markets for oil, despite EU sanctions. Nevertheless, Russia, is still significantly behind the quota established by the agreement, with a lag of 570,000 bpd.