OPEC’s Oil Production Slightly Rose in February 2012

According to the recent March report of the Organization of the Petroleum Exporting Countries regarding the oil market, the OPEC oil production slightly increased during February 2012 compared with January oil production levels.

OPEC’s crude oil production reached 30,968 thousand bbl/d in February compared with 30,824 thousand bbl/d in January. Libya’s oil production sharply rose again by 180 thousand bbl/d to 1,188 thousand bbl/d after it was nearly zero during most of 2011. The current production levels are still nearly one third below Libya’s average oil production of 1.6 million bbl/d in 2010.  Angola also slightly raised its oil production quota by 76.5 thousand bbl/d.

The rest of OPEC countries nearly didn’t change their oil quotas during February. There was a 41.8 thousand bbl/d decrease in the production for Saudi Arabia and a 37 thousand bbl/d decrease for Iran.

The revised oil supply of non-OPEC countries is estimated at 52.34 million bbl/d in 2011, an increase of only 0.04 million bbl/d compared with 2010’s oil supply. This revised estimate is slightly lower than last month’s report.

Along with the OPEC’s supply of 29.78 million bbl/d in 2011 the estimated total difference between supply and demand on a global scale was -0.37 million bbl/d; in 2010 this gap was -0.47 million bbl/d (i.e. a shortage of 470 thousand barrels).

The OPEC’s report estimate for 2012 the difference between supply and demand on a global scale, assuming the OPEC quotas in 2012 will be the same in 2011,will be only -0.25 million bbl/d.

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