MOSCOW, March 11. /TASS/. Countries participating in the OPEC+ output reduction agreement posted an increase in oil production in February 2026 by 355,000 barrels per day (bpd), while output was 399,000 bpd below the target considering voluntary cuts and compensations, OPEC reported.
Without Libya, Iran and Venezuela, which are freed from output cuts, the volume of production by countries of the alliance stood at 37.362 mln barrels per day (mbd). Considering all voluntary cuts and compensation schedules planned for last month, OPEC+ nations were to produce 37.761 mbd. Consequently, the alliance’s production was 399,000 bpd below the plan.
Among eight OPEC+ countries, Russia was the only one behind the quota in February - by 390,000 bpd. Meanwhile, Kazakhstan’s production exceeded the target by 522,000 bpd, Iraq’s output - by 25,000 bpd, the UAE’s production - by 18,000 bpd, Saudi Arabia’s - by 7,000 bpd, Oman’s - by 3,000 bpd, while Kuwait and Algeria were 2,000 bpd above their quotas.