Petroleum Africa
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Thursday, March 17, 2016
OPEC saw its production fall by 90,000 bpd during the month of February. The decrease in production volumes comes despite Iran’s increase in production, which offset the drop in production out of more than one of the cartel’s member countries.
Iraq accounted for the biggest drop in output, falling 200,000 bpd for the month to a total of 4.13 million bpd for February. A drop in production was also seen in Nigeria, the UAE, and Libya.
The rise in Iranian output was offset by a sharp drop in production in OPEC’s second largest producer, Iraq. Production also dipped in Nigeria, the United Arab Emirates (UAE) and Libya, but edged up in Angola and Kuwait.
Nigerian production fell to 1.77 million bpd, down 80,000 bpd from the previous month. UAE production in February fell by 50,000 bpd from the previous month to 2.85 million, and Libya dropped 10,000 bpd to 360,000 bpd for the month.
On an upward trend was Angola who saw its production up by 30,000 bpd for February due to boosted loadings of grades such as CLOV and Saturno.
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