Published — Wednesday 12 March 2014
Last update 20 May 2014 3:47 pm
ALKHOBAR: OPEC heavyweight Saudi Arabia produced 9.849 million barrels per day (mbd) of crude oil in February, up from 9.767 mbd in January, an industry source familiar with the matter said on Tuesday.
The world's largest oil exporter supplied 9.899 mbd in February to the market, down from 9.916 million bpd in January. Supply to market may differ from production depending on the movement of barrels in and out of storage.
"Production was up but it doesn't indicate anything, the market is stable, balanced," said the source.
OPEC's oil output rose further in February from December's 2-1/2-year low, due to more shipments from Iraq and Angola, and further upward creep in Iranian exports, a Reuters survey found in February.
Iraq's crude oil production reached 3.5 mbd in February and exports rose to their highest level ever at 2.8 mbd for the month.
As for OPEC member Libya, the government has tried to end a wave of protests at oil ports and fields across the vast desert state that have slashed oil output, the country's lifeline, to 230,000 barrels per day (bpd), from 1.4 million bpd in July.