The Organization of Petroleum Exporting Countries (OPEC) following February cut oil production by 280 thousand. Barrels per day, Reuters reported, citing sources in trading companies, as well as analyzed the customs data.
The maximum decline in oil production was recorded in Iraq, where 17 February stopped deliveries through the pipeline from Kurdistan. Capacity of the pipeline is estimated at 600 thousand. Barrels per day, however, the Agency believes that it will continue to stand up to the middle of March. The level of oil production declined in Nigeria because of the accident and oil spill in the local company Royal Dutch Shell and the UAE, where a number of fields were closed for maintenance.
However, the market leaders – Saudi Arabia and Iran – to reduce production volumes do not intend to. Saudi Arabia, according to agency estimates, has kept production volumes at the level of January – 10.2 million barrels per day, and the following February, Iran increased its production by 200 thousand barrels per day.. The agency notes that the Islamic Republic authorities claim that exports have increased by 500 thousand. Barrels. in a day.
Reuters notes that the preservation of oil production in Saudi Arabia may indicate that the kingdom is ready to act in the framework of an agreement on the level of oil production frozen at the January level, which was concluded with Russia, Qatar and Venezuela.
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