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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.
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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