OPEC February Production at 29.31mbpd

OPEC crude oil production increased to 29.31mbpd in February, a gain of 60,000bpd from an estimated January level of 29.25mbpd, according to a recent Platts survey.

The survey of OPEC and oil industry officials showed that, excluding Iraq, output from the 11 members bound by quotas (OPEC-11) – under a 24.845mbpd collective target – fell by 10,000bpd to 26.75mbpd in February.

Increases totaling 170,000bpd from Angola, Iran, Iraq, Qatar, UAE and Venezuela were partly counterbalanced by a decrease totalling 110,000bpd from Libya and Nigeria, the latter’s production dropping by 100,000bpd to 1.98mbpd in February.

According to February estimates, OPEC-11 will likely overproduce its ceiling by 1.905mbpd, increasing its rate of compliance to 54.64% from January’s 54.4%.

Compliance with the 4.2mbpd of cuts agreed in late 2008 peaked at close to 82% in March last year, but has been falling since last April alongside a broad firming of oil prices.

OPEC ministers will meet in Vienna on 17 March to review its current production agreement, which has been in effect since January 2009.