February marks the group’s highest combined level of oil exports in a year. OPEC+ oil exports jumped by 612 kbd m/m in February to 28.1 Mbd (excluding Iran and Venezuela) despite a large decline of 375 kbd from the group’s non-OPEC countries. On the other side, OPEC members increased shipped volumes by 826 kbd, driven by a major uptick from Iraq (+390 kbd m/m), Saudi Arabia (+250 kbd), Nigeria (+137 kbd) and Libya (+135 kbd).
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No matter the upcoming election's outcome in Lybia, continued friction between the warring factions controlling the oil industry means higher production will likely remain elusive.
