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).
With spot LNG prices trading at record highs and roughly three times higher than last winter, plant operators have had a financial incentive to push output at liquefaction plants this winter.
