OPEC 10 raise February output by 10 %

Crude oil production by 10 members of OPEC, excluding Iraq, surged 10 % in February to 25.45 mm bpd from a month earlier. OPEC 10 production was 950,000 bpd above the OPEC ceiling of 24.5 mm bpd agreed at the extraordinary conference on Jan. 13, demonstrating that most producers have been successful in driving production higher in response to the Venezuelan shortfall.
Total OPEC production, including Iraq, increased 8.6 %, or 2.217 mm bpd, in February to 27.88 mm bpd from 25.663 mm bpd in January. This was a resulted of the resumption of Venezuelan output after the nationwide strike there in the previous month and significant production growth from producers in the Middle East.

The only members failing to increase production in February were Iraq, whose output fell by 120,000 bpd; Nigeria, which held steady at 2.15 mm bpd; and Indonesia, whose output fell by 60,000 bpd, reflecting industry constraints.
The sharpest rises in output were seen in Venezuela and Saudi Arabia, which lifted production in the month by 880,000 bpd and 800,000 bpd respectively. Persian Gulf producers alone, including Iran, supplied an additional 1.4 mm bpd in February.

Output estimates by country
The following are MEES output estimates for OPEC production.
(In thousands bpd) Feb '03 / Jan '03 / Quota

Algeria 1,150 1,050 782
Indonesia 1,050 1,110 1,270
Iran 3,950 3,713 3,597
Iraq 2,430 2,550 -
Kuwait (-a) 2,100 1,900 1,966
Libya 1,400 1,350 1,312
Nigeria 2,150 2,150 2,018
Qatar 750 720 635
Saudi Arabia (-a) 9,200 8,400 7,963
UAE 2,200 2,100 2,138
Venezuela 1,500 620 2,819
Total 27,880 25,663 -
OPEC 10 (-b) 25,450 23,113 24,500

a. Includes 50 % share of the neutral zone output which is estimated to have averaged 610,000 bpd in February.
b. Excluding Iraq, whose oil export is under UN supervision.