OPEC output dips in February, Platts survey finds

LONDON -- Oil production from the Organization of the Petroleum Exporting Countries (OPEC) remained below the group's 30 MMbpd ceiling for a second consecutive month in February as lower volumes from Libya and Nigeria more than offset increases from several other countries, a Platts survey of OPEC and oil industry officials and analysts showed Friday.

Having averaged 29.94 MMbopd in January, supply from the 12-member group dipped by 20,000 bopd to 29.92 MMbopd in February, the survey showed.

"The fact that OPEC is producing slightly below its ceiling is more a consequence of continuing disruption in Libya rather than any deliberate move to keep a lid on supply," said Margaret McQuaile, Platts senior correspondent. "On the other hand, the group's key producers do not appear over-eager to boost output."

Libyan production fell to 270,000 bopd from 330,000 bopd in January, a fall of 60,000 bopd.

Sarir field, which had been producing around 185,000 bopd, was shut in in the middle of February after saboteurs attacked the pipeline linking the field to the export terminal at Marsa el-Hariga. Repairs were carried out and production resumed the following week, only to be shut in again because of power cuts caused by bad weather.

Nigerian output, which had climbed to 1.98 MMbopd in January, fell back by 60,000 bopd to 1.92 MMbopd in February.

Increases totaling 100,000 bopd came from Iraq, Saudi Arabia, the United Arab Emirates (UAE) and Kuwait.

Iraqi output rose to 3.15 MMbopd in February from 3.1 MMbopd in January, but remained well below 3.4 MMbopd achieved in December when northern exports resumed through Turkey under an agreement with semi-autonomous Kurdistan. Northern exports rose in February to compensate for lower volumes from the southern terminals.

Production from OPEC kingpin Saudi Arabia edged up by 20,000 bopd to 9.72 MMbopd. Last week, oil minister Ali Naimi said, the kingdom continued to seek the cooperation of non-OPEC producers in balancing oversupplied world oil markets and would not act alone in reducing output.

Naimi, speaking in Berlin a day after Saudi Aramco announced crude price increases after several months of cuts, said demand for oil was gradually rising amid more robust global economic growth and that prices were stabilizing.

Saudi Arabia drove OPEC's November decision not to reduce output in hopes of halting the oil price plunge but to maintain its official ceiling at 30 MMbopd. The decision was not universally popular among OPEC members, with Venezuela and Algeria having been particularly vocal about the impact of plummeting oil prices on their economies.