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Wednesday 2nd of March 2022 09:23:03 AM

February OPEC oil production beat targets for first time since September 2021

Petroleum, petrodollar and crude oil concept : Pump jack and flag of OPEC or Organization of Oil Exporting Countries William_Potter/iStock via Getty Images
  • According to a Reuters month-end survey, OPEC production grew in February by 420kb/d, exceeding OPEC quota growth, which targeted 254kb/d from the "core OPEC 10" and 400kb/d for the broader OPEC+ group (NYSE:XOM) (NYSE:CVX) (NYSEARCA:USO).
  • If the survey proves to be accurate, February will mark the first time since September 2021 that group production growth exceeded monthly quota growth.
  • Regardless of February performance, months of undershooting targets leave the group "over complying" against absolute quota levels; compliance for February was marked at 136%.
  • The survey found Saudi (ARMCO) increased production 90kb/d sequentially, while Iran added 60kb/d; Libyan output (NYSE:TTE) (OTCPK:OMVKY) increased month-on-month, as the OPEC country lapped January outages.
  • Separately, Venezuelan exports rose 76% to ~730kb/d in February, as the Country navigated logistics bottlenecks which hampered January shipments.

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