• 5 minutes Covid-19 logarithmic growth
  • 8 minutes Why Trump Is Right to Re-Open the Economy
  • 12 minutes Charts of COVID-19 Fatality Rate by Age and Sex
  • 14 minutes China Takes Axe To Alternative Energy Funding, Slashing Subsidies For Solar And Wind
  • 1 hour Which producers will shut in first?
  • 3 mins Its going to be an oil bloodbath
  • 8 hours Russia's Rosneft Oil Company announces termination of its activity in Venezuela
  • 1 hour Why should ANY oil company executive get ANY bonus now?
  • 4 hours How to Create a Pandemic
  • 46 mins The Most Annoying Person You Have Encountered During Lockdown
  • 47 mins KSA taking Missiles from ?
  • 49 mins Dr. Fauci is over rated.
  • 41 mins Breaking News - Strategic Strikes on Chinese Troll Farms
  • 42 mins CDC covid19 coverup?
  • 10 hours Saudi Arabia Can't Endure $30 Oil For Long
  • 10 hours Saudi Aramco struggling to raise money for this year's dividend of $75 billion. Now trying to sell their pipelines for $10 billion.
Alt Text

Not Even China Can Save Oil Markets This Time Around

Despite still sluggish oil demand,…

Alt Text

Oil Falls To $20 On Largest Crude Build Since 2016

Amid depressed prices and storage…

Alt Text

Azerbaijan Could Soon Tap Its 410 Million Barrel Oil Reserves

Oil-dependent Azerbaijan is considering tapping…

Ron Patterson

Ron Patterson

Ron Patterson is a retired computer engineer. He worked in Saudi Arabia for five years, two years at the Ghazlan Power Plant near Ras Tanura…

More Info

Premium Content

Iran Continues To Ignore The OPEC Deal

All data below is in thousand barrels per day and is through February 2017.

(Click to enlarge)

OPEC crude oil production dropped to 31,958,000 bpd in January. That was a drop of 140,000 bpd. In January OPEC production dropped 930,000 bpd for a two-month total of 1,070,000 bpd.

Officially OPEC agreed to cut production by 1.2 million barrels per day beginning in January. So, they are getting close.

OPEC’s November production of 33,374,000 represented an all-time high for the Cartel.


Algerian production held steady in February after a drop of 33,000 bpd in January.

Angola’s production was down 18,200 bpd in February.

Ecuador’s production dropped 4,400 bpd in February after dropping 13,000 bpd in January.

Gabon dropped 7,000 bpd in February and reached a new low of 194,000 bpd.

Iran continues to ignore any requests from OPEC to cut production. Iran’s production was up over 36,000 bpd in February to 3,814,000 bpd. The last time Iran produced this much oil was in October of 2008.

Iraqi production was down another 62,000 bpd in February to 4,414,000 bpd. They are still producing a lot more than Iraq.

Kuwaiti crude production declined by only 9,000 bpd in February after being down141,200 bpd in January. Related: U.S. Shale Faces A Workforce Shortage

Libya’s production dropped by 11,000 bpd in February to 669,000 bpd.

Nigeria’s production was up 58,000 bpd in February. Both Nigeria and Libya are exempt from OPEC cuts because of political problems.

Qatar’s crude oil production declined only slightly in February after declining 18,000 bpd in January.

Saudi Arabia’s January production was revised downward by 81.000 bpd. As a result, their production was down 578,000 bpd in January and another 68,000 bpd in February. They were also down 182,000 bpd in December. So, they are down a total of 828,000 bpd since their high in November.

UAE production was down 37,000 bpd in February after being down 128,000 bpd in January.

Venezuelan production continues to decline. They are now below 2 million bpd for the first time since the strike of December 2002/January and February of 2003. Production dropped to 620,000 bpd in January 2003 before Chavez fired all the strikers and hired all new workers.

(Click to enlarge)

By Ron Patterson

More Top Reads From Oilprice.com: 


Download The Free Oilprice App Today

Back to homepage






Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News