Opec-Plus: February Output Gain Nullifies October Cut

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  •   Crude oil production by Opec-plus producers with a quota jumped by 360,000 b/d in February to 38.36 million b/d.
  • The alliance’s oil production is now back to October’s level despite the agreement to slash output by 2 million b/d.
  • Russia and Nigeria led the increase in monthly output, but these barrels could easily disappear.

Including the four countries without a quota — Iran, Libya, Venezuela and Mexico — Opec-plus’ crude oil production in February came to 44.36 million barrels per day, according to Energy Intelligence’s assessment. This is a 450,000 b/d increase on January and a four-month high.

Oil Supply, Opec-Plus Supply , Crude Oil
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Net exports of crude and refined products from the US plunged in January, but still averaged almost 1 million barrels per day.
Fri, Mar 31, 2023