OPEC+ Output Surges 200,000 bpd in February Rebound
In February, OPEC+ crude production rose by 212,000 bpd, mainly due to Libyan recovery. Notable increases also occurred in Russia, Nigeria, and Venezuela, while Iraq, Kazakhstan, and Iran saw declines.
OPEC+ highlights
Compliance with quotas remained flat but slightly exceeded targets. Kazakhstan and Iraq were notable non-compliers, though Kazakhstan’s compliance improved compared to January.
Saudi Arabia and Russia maintained steady outputs, while non-quota countries, including Iran and Venezuela, increased production.
Venezuela reached its highest output level since December 2021, potentially in response to the looming threat of US sanctions. Overall, OPEC + production averaged 41.46 million bpd, the second-lowest in six months.
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