Despite the extension of OPEC production cuts, OPEC saw its oil production rise by more than 200,000 bpd in February.
Despite the voluntary production cuts of several major producers of the
supply cuts. Crude oil production from all cuts due to its unstable security situation, as well as from Nigeria, which has underperformed compared to its quotas in recent years, due to a lack of investments and frequent sabotages and theft on onshore pipelines. Libya has restored oil production at its largest oilfield, Sharara, which was shut down for three weeks in January by protesters. In February, Libya’s oil production rose by 144,000 bpd, while Nigeria’s output increased by 47,000 bpd compared to January.
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