Opec-Plus: February Sees Biggest Output Surge in Half-Year

Crude oil production by the 23 members of Opec-plus jumped by 450,000 barrels per day in February to 44.36 million b/d, the largest surge since last August. Output by the 19 members with a quota increased by 365,000 b/d, the most since July, to 38.36 million b/d, according to Energy Intelligence’s assessment. This is just 50,000 b/d shy of the level posted in October, when the alliance decided to slash production by 2 million b/d in a move ostensibly aimed at minimizing volatility in global oil markets. For now at least, that cut has been rendered null, and the alliance is pumping oil rigorously, albeit short by around 400,000 b/d from post-pandemic highs.