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OPEC and allies agreed in December to defer the start of output rises by three months until April LONDON - The following table shows crude oil output from the Organization of the Petroleum Exporting Countries in millions of barrels per day in February and January, according to a Reuters survey published on Wednesday. OPEC and allies, known as OPEC+, agreed in December to defer the start of output rises by three months until April and extend the full unwinding of cuts until the end of 2026 due to weak demand and booming production outside the group. The figures in the first and second columns are in millions of barrels per day. Totals are rounded. Januarys figure for Libya was revised higher. Feboutput Janoutput Change vs. Jan Outputtarget* Under/over target Algeria 0.907 0.895 12,000 908000 -1,000 Congo 0.260 0.260 0 277,000 -17,000 Eq. Guinea 0.060 0.060 0 70,000 -10,000 Gabon 0.220 0.210 10,000 169,000 51,000 Iraq 3.980 3.940 40,000 4,009,000 -29,000 Kuwait 2.405 2.400 5,000 2,413,000 -8,000 Nigeria 1.570 1.520 50,000 1,500,000 70,000 Saudi Arabia 8.930 8.950 -20,000 8,978,000 -48,000 UAE 2.920 2.940 -20,000 2,912,000 8,000 TOTAL OPEC 9 21.252 21.175 77,000 21,236,000 16,000 Iran 3.300 3.220 80,000 Libya 1.280 1.270 (R) 10,000 Venezuela 0.910 0.900 10,000 TOTAL OPEC 12 26.74 26.57 (R) 170,000 *Output target as announced by the countries making voluntary cuts, or as announced by OPEC. Excludes Iraq compensation plan for earlier overproduction. Iran, Libya and Venezuela are exempt from OPEC output agreements. The Reuters survey aims to assess crude supply to market, defined to exclude movements to, but not sales from, storage. Saudi and Kuwaiti data includes the Neutral Zone. Venezuelan data includes upgraded synthetic oil. Nigerian crude output includes the Agbami and Egina streams and excludes Akpo condensate. |
