OPEC decreases monthly oil production

March 15, 2016 | OPEC

Baku, Azeraijan | –  Total OPEC oil production in February averaged 32.38 million barrels per day (bpd), a decrease of 175,000 bpd over the previous month, OPEC Monthly Oil Market Report said.

Crude oil output decreased mostly from Iraq, Nigeria and UAE, while production increased in Iran, Saudi Arabia and Kuwait.

In particular, oil production in Saudi Arabia, the largest oil producer and exporter within OPEC, amounted to 10.142 million bpd in February, a 14,000 bpd increase from January level.

Iran’s oil production increased in February by 187.8 million bpd to 3.132 million bpd, while Iraq’s oil production fell by 263,200 bpd to 4.156 million bpd.

The share of OPEC crude oil in total global production decreased slightly to 33.7 percent in February compared with the previous month, according to the report.

The official quota for OPEC oil production stands at 30 million barrels per day.

The meeting between OPEC and non-OPEC countries, on a plan to freeze output levels in a bid to support prices reportedly may take place in mid-April in Doha.