Opec’s oil production in February edged back up by 80,000 b/d to 28.97mn b/d, erasing most of the previous month’s 110,000 b/d losses (MEES, 10 February). Mirroring the range-bound oil price market of early 2023, Opec output has been operating in a narrow band since late-2022.

The gains were driven by Nigeria, where a 90,000 b/d increase brought Africa’s largest producer’s output up to a 13-month high of 1.35mn b/d. (CONTINUED - 1002 WORDS)