OPEC Declines in February Despite Huge Iran Increase
The OPEC Monthly Oil Market Report just came out. The charts are “Crude Only”production and do not reflect condensate production.
Also the charts, except for Libya, are not zero based. I chose to amplify the change rather than the total. OPEC is now 13 nations with the the addition of Indonesia.
All Data is in thousand barrels per day.
OPEC production was down 174,800 barrels per day in February
OPEC uses secondary sources such as Platts and other agencies to report their production numbers. These numbers are pretty accurate and usually have only slight revisions month to month. The big gainer in February was Iran. The big losers were Iraq, Nigeria and the United Arab Emirates.
Algeria peaked in November 2007 and has been in a steady decline since that point.
Angola has been holding steady since peaking in 2008 and 2010.
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