OPEC data showed, on Tuesday, that Saudi Arabia's crude oil production continued to rise during February 2024 on a monthly basis for the second month in a row.
Total Saudi crude oil production increased by 18,000 barrels per day in February compared to the previous month, according to OPEC’s report issued today, based on secondary sources.
Saudi crude oil production increased to 8.980 million barrels per day in February, compared to 8.962 million barrels per day in January.
It is noteworthy that Saudi Arabia's average oil production in 2023 amounted to about 9.609 million barrels per day, compared to the average production in 2022 of 10.531 million barrels per day.
At the level of OPEC's total production, it recorded an increase of 203 thousand barrels per day during February 2024.
OPEC's total production increased to 26.571 million barrels per day in February 2024, compared to 26.368 million barrels per day in January.
OPEC production rose in February, supported by an increase in production by 7 members, led by Libya, whose production jumped by 144,000 barrels per day to 1.167 million barrels per day, and an increase in Nigeria’s production by 47,000 barrels per day to reach 1.476 million barrels per day.
While 4 countries reduced their production last month, the most prominent of which was Iran by 15 thousand barrels per day, bringing its production to 3.148 million barrels per day, and the UAE, with a decrease of 14 thousand barrels per day, bringing its production to 4.203 million barrels per day.
Saudi Arabia's crude production increased, according to OPEC data based on direct communication with oil-exporting countries, by 55,000 barrels per day during February 2024 on a monthly basis.
The Kingdom informed OPEC that its production reached 9.011 million barrels per day, compared to 8.956 million barrels per day in January 2024.
