OPEC raises February oil output: Survey

OPEC oil output rose in February, led by a further recovery in Nigerian supply, a Bloomberg survey showed.

The organization boosted supplies by 120,000 barrels per day (bpd) to 29.24 million bpd, with Nigeria accounting for two-thirds of the increase as its output reached a one-year high of 1.44 million bpd.

Oil consumption is expected to jump and boost prices later this year as China’s economic reopening from anti-Covid lockdowns gathers pace. However, concern over tightening the US monetary policy and the threat of recession is weighing on the market for the time being, instilling a sense of caution in Riyadh and its partners.

Meanwhile, OPEC nations are watching developments in Russia, which threatened to cut production in March in retaliation for western sanctions over the war in Ukraine. Russian output has so far held steady in the first months of 2023 despite widespread condemnation over the conflict.