OPEC + records the largest production gain in 7 months, and Iraq's commitment exceeds 119%

 
10/03/2022

Economy News _ Baghdad

Thirteen OPEC countries raised their production by 480,000 barrels per day to 28.67 million barrels per day of crude oil during the month of February, while the nine non-OPEC partners pumped 14.07 million barrels per day, an increase of 80,000 barrels per day.

In a survey seen by "Economy News", Standard & Poor's Global Platts said that more than a third of the total OPEC + gains of 560,000 barrels per day came from the three members exempt from quotas under the deal: Iran, Libya and Venezuela.

However, 14 of the 18 members with quotas did not meet their targets, indicating the group's dwindling spare capacity, as a result of which the OPEC+ compliance rate rose in February to 125.9%, the highest level since the group embarked on pandemic-induced cuts in May. / May 2020.

According to the survey, Iraq was one of the largest adherents of its quota, at 119.8 percent, bringing its production to 4.26 million barrels, which is less than its quota of 4.325 million barrels.

Saudi production amounted to 10.11 million barrels per day, with a commitment rate of 97 percent, and the UAE production was 2.95 million barrels per day, with a commitment rate of 98.2 percent, while Russia’s production amounted to 10.10 million barrels per day, with a commitment rate of 115.1 percent.

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