OPEC+ countries that particulate in the agreement on crude production cuts, increased output by 130,000 barrels per day in February 2022 to 38.06 mln barrels per day, mainly due to OPEC states, the International Energy Agency (IEA) said in its ‘Oil Market Report’ on Wednesday, APA reports citing TASS.

Particularly, Saudi Arabia’s production grew to 10.23 mln barrels per day in February compared with 10.1 mln barrels per day in January. Russia produced 10.05 mln barrels per day last month, down from 10.07 mln barrels per day in January.

OPEC+ nations have been reducing oil production since May 2020 for stabilizing the market, however, as the plan is being implemented, they have been resuming it. In particular, they have stuck to the schedule of increasing crude output by 400,000 barrels per day each month since August 2021, though they have not always reached their targets due to the shortage of available capacities. For example, OPEC+ states were to boost production by 400,000 barrels per day in February, but they only managed to cut it by 130,000 barrels per day, or by 32% of the plan. Overall, they fulfilled the output reduction deal by 137% in February compared with 127% in the previous month.

OPEC member-states increased oil production by 310,000 barrels per day in February to 28.51 mln barrels, with Iran, Venezuela and Libya, which are freed from reduction obligations under the Vienna deal, meaning they are not considered in the general recovery plan, accounting for more than half of that volume.

Non-OPEC states only managed to cut production by 30,000 barrels per day to 15.63 mln barrels per day in February.

Source: Azeri-Press News Agency