In February 2024, OPEC+ countries reduced their oil production by 120,000 barrels per day (bpd) to 34.74 million bpd, but exceeded the production plan by 420,000 bpd when voluntary cuts are considered, according to the March report of the International Energy Agency (IEA).
The target production level for OPEC+ countries under the deal, including voluntary cuts for February, was 34.32 million bpd, and the actual production reached 34.74 million bpd, thus exceeding the plan by 420,000 bpd. Among the countries that announced new cuts in oil production from January 2024, Iraq, UAE, and Kazakhstan were the most behind the plan, with Iraq producing 250,000 bpd more than agreed, UAE producing 310,000 bpd more, and Kazakhstan producing 120,000 bpd more.
Russia increased its production in February by 20,000 bpd compared to January, reaching 9.42 million bpd, but is still producing 30,000 bpd below its quota. Saudi Arabia slightly increased its production by 20,000 bpd to 8.99 million bpd, which is almost in line with the kingdom's quota for the first quarter.
Several OPEC+ countries, including Russia, are adhering to voluntary cuts in oil production from spring 2023 to the end of 2024, totaling 1.66 million bpd. Saudi Arabia is further cutting production by another 1 million bpd from July 2023, while Russia has deepened its cuts in oil supplies to global markets from 300,000 bpd to 500,000 bpd from January until the end of March 2024. Several other OPEC+ countries cut production by 700,000 bpd in the first quarter of 2024.
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Based on materials from TASS