Compliance with agreed targets for output by the OPEC producer group reached 91 percent in February with some slight evolutions in overall production from the previous month, the International Energy Agency (IEA) said on Wednesday. In its latest monthly market report, the IEA said OPEC production was estimated at 32 million barrels per day (mbpd) last month, up 170,000 b/d on January's level.
Saudi Arabian output was increased by 180,000 b/d in February but output levels still remained within the agreed target level for that country. "OPEC posted a year-on-year decline for the second month running," the Paris-based IEA remarked. At the same time, non-OPEC output this year is set to rise by 400,000 b/d to 58.1 mbpd, the report indicated.
Overall global oil production in February rose by an average of 260,000 b/d to 96.52 mbpd, but it is still 170,000 b/d lower than levels at the same time in 2016. On demand growth, the IEA said that it was confirming demand growth of 1.6 mbpd in 2016 to reach 96.6 mbpd, but the agency said that demand growth was showing signs of slowing in 2017 and it forecast an expansion of 1.4 mbpd to reach an average of 98.0 mbpd in oil demand this year.