OPEC reports oil output rises to 30 million barrels per day
Last updated on March 14, 2023
The Organization of the Petroleum Exporting Countries (OPEC) released a monthly report stating that oil production had risen to 30 million barrels per day, an increase of 117,000 barrels per day since January. The additional production was mainly attributable to increased oil extraction in Nigeria, which averaged 79,000 barrels per day.
The report said OPEC’s 13 members produced a combined 28.92 million bpd, although those figures may differ from official figures provided by individual members.
As for Venezuela, the country reportedly pumped an average of 700,000 bpd, an increase of 4,000 bpd from the previous month. However, production fell to 704,000 bpd in February, down 28,000 bpd from January.
OPEC’s reports in recent months have not changed its outlook on the global oil market, as various factors remain uncertain. Given the high degree of uncertainty, the OPEC+ alliance will continue to closely monitor market developments to ensure sustainable stability.
Source: Desi Frodo
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