BAKU, Azerbaijan, March 22. OPEC+ oil supply from all 23 countries in February 2023 increased by 180,000 b/d to 44.53 mb/d, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
Russia, Saudi Arabia and Nigeria have been the main drivers of this increase, the agency noted.
At the same time, the output in Kazakhstan, Angola and Iraq decreased due to maintenance and unplanned outages.
'Supply from OPEC countries edged up 70,000 b/d to 29.17 mb/d, while volumes from non-OPEC nations rose by 110,000 b/d to 15.36 mb/d. The coalition’s effective spare capacity, excluding volumes of crude oil shut in by sanctions in Iran and Russia, stood at 3.7 mb/d in February, with Saudi Arabia and the UAE holding the lion’s share," the report said.
In the reporting period, the production from the 19 members subject to quotas grew by 160,000 b/d to 38.38 mb/d, narrowing the gap between the bloc’s supply and official targets to 1.7 mb/d versus 1.9 mb/d in January. Russia, because of sanctions, has produced 570,000 b/d below quota, while Nigeria, Angola and Malaysia are back down due to operational issues.
Meanwhile, the IEA expects an overall output from OPEC+ (excluding Russia) to increase by 490,000 b/d in 2023, in case Libya's production stabilizes, and Nigeria sustains higher rates.