IEA: OPEC Feb. output was 550,000 bpd higher than target of 25.2 million
The International Energy Agency (IEA) reported on Tuesday that OPEC production in Jan. was 550,000 bpd higher than the latest OPEC output target of 25.2 million. OPEC oil production averaged 27.81 million barrels per day in February, down 690,000 bpd from January.
Iraqi oil production rose sharply to 2.05 million bpd, a 320,000 bpd increase on the previous month.
The lower out in OPEC 10 output in February came mainly from Saudi Arabia and Iran, the IEA said.
Iraqi exports under the UN oil-for-aid program in February registered an increase of 170,000 bpd to 1.25 million bpd.
The rest of Iraq's Feb output of 800,000 bpd was used for domestic consumption and border trade which includes non-UN approved exports to Syria through the pipeline, the IEA said.
Output from Saudi Arabia excluding the Neutral Zone, is estimated to have dropped by 310,000 bpd to 7.99 million bpd.
But Saudi Arabia exceeded its output target by more than 100,000 bpd, the IEA said.
Output from Iran fell to 3.75 million bpd in February from the upwardly-revised figure of 4.05 million bpd the previous month, the IEA said, while output from the United Arab Emirates fell by 130,000 bpd to 2.24 million bpd in February.
The 2001 "call" on OPEC crude and stocks has been reduced by 100,000 bpd from last month's report to 27.2 million bpd, reflecting a 200,000 bpd cut in the projection for 2001 world demand and a 100,000 bpd cut in projections for non-OPEC oil supply, the IEA said.
© 2001 Mena Report (www.menareport.com)