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OPEC+ countries surpass oil output plan by 420,000 bpd in February — IEA

Among the countries that have declared additional oil production cuts beginning in January 2024, Iraq (producing 250,000 bpd more than promised), the UAE (310,000 bpd more), and Kazakhstan (120,000 bpd more) are the most behind schedule

MOSCOW, March 14. /TASS/. Countries participating in the OPEC+ agreement in February 2024 reduced oil production by 120,000 barrels per day (bpd) to 34.74 mln bpd, but exceeded the production plan, taking into account voluntary reductions, by 420,000 bpd, the International Energy Agency (IEA) said in its March report.

The target level of production by OPEC+ countries under the deal reached 34.32 mln bpd in February taking into account voluntary cuts, while actual production reached 34.74 mln bpd. Thus, the plan was exceeded by 420,000 bpd.

Among the countries that have declared additional oil production cuts beginning in January 2024, Iraq (producing 250,000 bpd more than promised), the UAE (310,000 bpd more), and Kazakhstan (120,000 bpd more) are the most behind schedule.

Russia raised production by 20,000 bpd in February compared to January reaching 9.42 mln bpd, but still falling 30,000 bpd short of its target. Saudi Arabia raised output by 20,000 bpd to 8.99 mln bpd, which roughly equates to the kingdom's quota for the Q1.

A number of OPEC+ countries, including Russia, have agreed to voluntary cutbacks in oil output from the spring of 2023 to the end of 2024. The entire volume of cutbacks reaches 1.66 mln bpd.

Furthermore, Saudi Arabia lowers output by additional 1 mln bpd since July 2023, while Russia increased the decline in oil supplies to global markets from 300,000 bpd to 500,000 bpd between January and the end of March 2024. Several other OPEC+ members are reducing production by 700,000 bpd in the Q1 of 2024.

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