Global Oil Production Fell By 1.2 Mbpd In February - Reports

According to the latest data by the Joint Organisations Data Initiative showed on Wednesday, the world’s crude oil production dropped by 1.2 million barrels per day in February compared to the same month last year as steep output declines in Saudi Arabia and Iraq were partially offset by a large annual production gain in the United States.

In oilprice.com, it showed compared to January 2024, global crude oil production jumped by 473,000 bpd in February as U.S. oil production rebounded following shut-ins due to bad weather in January, according to the JODI data shared by the Riyadh-based International Energy Forum.

The data indicated that year-over-year, crude oil production in Saudi Arabia plunged by as much as 1.4 million bpd.

According to the JODI data, Saudi Arabia’s crude production increased by 55,000 bpd month-on-month in February—to a seven-month high of 9.01 million bpd.

The Saudis have expressed commitment to keep their crude production at “about 9 million bpd” until the end of June 2024. So far, the Kingdom has been keeping its pledge and hasn’t produced above its self-imposed quota under the OPEC+ deal.

Meanwhile, Saudi Arabia’s crude oil exports have increased by 20,000 bpd from January to 6.32 million bpd in February. This was a three-month high in Saudi exports, the data showed.

Also, a large annual production decline was registered in Iraq, where crude oil output dropped by 347,000 bpd, per the JODI data which compiles self-reported figures from the individual countries.

The large output drops in the two largest producers in OPEC – Saudi Arabia and Iraq – were partially offset by a 744,000 bpd jump in U.S. crude oil production in February compared to the same month last year.