Crude oil output by the Organization of Petroleum Exporting Countries is expected to average 19.7 million barrels a day during the first quarter, down
from 22.3 million b/d in the final quarter of last year, the International Energy Agency said in its February Monthly Oil Market Report, released Monday.
Total crude production for February by OPEC's 13 members was 19.4 million b/d, down from 20.2 million in January, the IEA estimates showed.The agency's end-February report shows the largest production decline in Saudi Arabia, which produced 4.5 million b/d in February, down from 4.8 million b/d in January. The figures exclude natural gas liquids output, which remained unchanged at 1.7 million b/d.
Iran reduced its output to 2.7 million b/d from 2.8 million in January, while the United Arab Emirates, Kuwait and Qatar all reduced production by 100,000 b/d, the report said.
Production in the Neutral Zone - the undemarcated border region between Saudi Arabia and Kuwait - also dropped 100,000 b/d to 300,000 b/d, the report showed.
OPEC, last November, agreed to peg output at 18.5 million b/d for the first six months of this year.