International Organization
OPEC pumps lower oil volumes in February
- OPEC's crude oil share of total global production stands at 33.3 percent for February

OPEC crude oil production decreased by 140 thousand barrels per day (b/d) to 31.96 million b/d in February, according to the organization's Tuesday report.

OPEC managed to surpass its target set on Nov. 30, to lower output to 32.5 million b/d as of January 2017, the report shows.

Global oil supply fell by 210 thousand b/d to average 95.88 million b/d in February.

The share of OPEC crude oil dropped to 33.3 percent of total global production in February due to the drop in output.

According to the organization, last month "crude oil output increased the most in Nigeria, while production in Saudi Arabia, Iraq, United Arab Emirates and Angola showed the largest declines."

Nigeria raised its production level by 58 thousand b/d close to 1.6 million b/d, while largest producer Saudi Arabia lowered its output capacity to 9.7 million b/d in February, a decrease of over 68 thousand b/d from January.

"Demand for OPEC crude is projected at 32.4 mb/d, around 0.7 mb/d higher than this year," OPEC says.

In 2017, world oil demand is projected to rise by 1.26 million b/d to around 96.31 million b/d, according to the organization.

Non-OPEC oil supply will rise by 400 thousand b/d to average 57.74 mb/d in 2017.

By Zeynep Beyza Kilic

Anadolu Agency

14 Mar,2017