Bloomberg News

OPEC February Output Rises to Three-Year High on Angola, Iraq

March 09, 2012

OPEC’s crude production rose last month to the highest level in more than three years as Libya, Iraq and Angola increased supplies.

Output from the 12 members of the Organization of Petroleum Exporting Countries increased to 30.97 million barrels a day in February, the producer group’s Vienna-based secretariat said today in its monthly oil market report. That compares to 30.82 million in January.

OPEC, provider of about 40 percent of the world’s crude, raised its output ceiling to 30 million barrels a day in December, setting its target closer to production levels. That limit includes Iraq, which was previously exempt from quotas.

Libya pumped 1.19 million barrels a day last month, compared with 1.01 million in January, while Angola’s production rose to 1.82 million barrels a day from 1.74 million, OPEC said.

Saudi Arabia, the world’s largest crude exporter, reduced its output in February by 0.4 percent to 9.66 million barrels a day, according to OPEC estimates, which are based on secondary sources.

The group set its biggest-ever supply cuts at the end of 2008 amid a collapse in global demand, reducing production limits by 4.2 million barrels a day to 24.845 million. Most members exceeded quotas last year as they sought to take advantage of higher prices.

OPEC’s members are Algeria, Angola, Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela.

To contact the reporter on this story: Sherry Su in London at lsu23@bloomberg.net

To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net


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