Iraq, Nigeria Outages Lead Opec Production Fall

Export pipeline outages in Iraq and Nigeria outweighed further production increases in Iran in February as Opec production fell to a nine month low. Output fell by 360,000 b/d from January’s revised record of 32.81mn b/d to 32.45mn b/d. The biggest fall was in Iraq, where output dropped by 200,000 b/d, mainly due to a 13 day outage of the export pipeline from the autonomous Kurdistan Region to Turkey (see p2).

Other than Iran, which is gradually increasing production in the post-sanctions era, the only Opec country to register an increase was Angola, where output rose by 10,000 b/d. (CONTINUED - 1107 WORDS)

DATA INSIDE THIS ARTICLE

table OPEC Wellhead Production, February 2016 (Mn B/D, Mees Estimates)
chart Iran Oil* Exports By Destination ('000 B/D):Volumes Edge Up In Jan But Still 1.3Mn B/D Down On 2011 Levels
chart Iran Oil* Exports By Destination ('000 B/D):Volumes Edge Up In Jan But Still 1.3Mn B/D Down On 2011 Levels
chart Official Us Crude Output Forecast Revised Down By A Further 270,000 B/D For 2017 In Eia’s Latest Energy Outlook, End-2016 Figure Now 1.44mn B/D Below Year-Ago Prediction (Mn B/D By Date Of Forecast)