OPEC oil production reaches highest level in February since mid-2008

Azerbaijan, Baku, Feb. 14 / Trend A.Badalova / OPEC oil production rose by 315,000 barrels per day (bpd) to 31.42 million bpd in Feruary, which is the highest level since mid-2008, the International Energy Agency (IEA) said in a report on oil market, published on Wdnesday. According to the IEA, the increase of OPEC production last month was led by a three-decade peak in Saudi output and a sharp recovery in Libyan production. IEA left unchanged their forecasts on global oil - at 89.9 million bpd (growth of 0.8 mln bpd) in 2012. "The relatively subdued economic backdrop - with a global GDP expansion of 3.3 percent foreseen for 2012 (3.8 percent in 2011) - and high oil prices both restrain any upside momentum for consumption," the IEA's report says. IEA predicts non-OPEC oil supply to increase by only 0.3 mln bpd in the first quarter of 2012, as geopolitical and technical outages dented growth. "Unplanned outages in the North Sea and Canada as well as geopolitical disputes in Africa and the Middle East reduced output", IEA says. According to the agency's expectations, the Americas and the Former Soviet Union support overall growth for 2012 at 0.7 mln bpd. Do you have any feedback? Contact our journalist at agency@trend.az