OPEC’s oil production falls in February: Reuters survey
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.
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