OPEC’s oil production falls in February: Reuters survey
by ChemOrbis Editorial Team - content@chemorbis.com
A survey conducted by Reuters showed that oil production in the Organization of Petroleum Exporting Countries (OPEC) fell to 32.37 million barrels per day (bpd) in February from a revised 32.65 million bpd in January.
Among the member states, the biggest drop in oil output was seen Iraq as the pipeline carrying crude from the Kurdish region was shut on February 17 and is expected to remain offline until the middle of March. Output in Nigeria fell as SHELL Petroleum Development Company Limited (SPDC) declared a force majeure on Forcados oil terminal after oil production was disrupted by a pipeline spill. Oil production in the United Arab Emirates (UAE), meanwhile, declined due to field maintenance, including at the Murban oil field.
Saudi Arabia’s oil production mostly remained unchanged at 10.2 million bpd, which indicated the country’s positive stance towards a proposed output freeze agreement with Qatar, Venezuela, Kuwait and Russia. However, Iran has raised its oil production by 200,000 bpd since December, according to the Reuters survey, while Iranian officials claim that the country has boosted exports by 500,000 bpd.
Among the member states, the biggest drop in oil output was seen Iraq as the pipeline carrying crude from the Kurdish region was shut on February 17 and is expected to remain offline until the middle of March. Output in Nigeria fell as SHELL Petroleum Development Company Limited (SPDC) declared a force majeure on Forcados oil terminal after oil production was disrupted by a pipeline spill. Oil production in the United Arab Emirates (UAE), meanwhile, declined due to field maintenance, including at the Murban oil field.
Saudi Arabia’s oil production mostly remained unchanged at 10.2 million bpd, which indicated the country’s positive stance towards a proposed output freeze agreement with Qatar, Venezuela, Kuwait and Russia. However, Iran has raised its oil production by 200,000 bpd since December, according to the Reuters survey, while Iranian officials claim that the country has boosted exports by 500,000 bpd.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- March hints at further hikes in European PP, PE markets
- India’s PVC market dips to new lows on Taiwan’s March cuts, players seek signs of bottom
- Q1 turnarounds uplift Mid-East PP, PE markets in February; will it spill over to March?
- SE Asia’s indefinite PE shutdowns: A market in crisis as demand woes threaten survival
- Türkiye’s PPH markets perform better than copolymers in February
- Margin recovery priorities outweigh supply imbalances in European PVC markets
- Asian PVC demand stagnant; recovery hopes shift to end of Q1
- Tough slog in S Korea’s petchem industry spells disappointing 2024 financial results; will government's recent plan help weather the storm?
- China’s PP, PE markets face post-holiday supply surge and tepid demand
- A tug-of-war unfolds in Türkiye as PVC demand struggles against rising costs
