OPEC output up 240,000 b/d in February, according to Platts

A recovery in Iraqi volumes boosted OPEC production by 240,000 b/d to 29.92 million b/d in February from 29.68 million b/d in January, a Platts survey of OPEC and oil industry officials showed March.

The biggest single increase came from Iraq, whose overall supply rose to 1.79 million b/d from 1.53 million b/d in January. Excluding Iraq, however, output from the ten members with quotas dipped by 20,000 b/d to 28.13 million b/d over the month….

Iran, with a high depletion rate in its producing fields and experiencing great difficultly in selling Soroush/Nowrouz crude, has not managed to produce its 4.11 million b/d quota since it came into effect in July 2005.

Platts