At 20:30 Beijing time on Tuesday (12th), the Organization of the Petroleum Exporting Countries (OPEC) released its latest monthly crude oil market report. The monthly report shows that despite OPEC+ implementing new voluntary production reduction measures, crude oil production increased by 203,000 barrels per day in February, reaching 26.57 million barrels per day, affected by Libya and Nigeria.

Data shows that Saudi Arabia's crude oil production in February was 8.98 million barrels per day, compared to 8.962 million barrels per day in January; Iraq's crude oil production in February was 4.217 million barrels per day, compared to 4.231 million barrels per day in January; Iran's crude oil production in February was 3.148 million barrels per day, compared to 3.163 million barrels per day in January.

Member countries such as Saudi Arabia, the United Arab Emirates, Kuwait, and Algeria have been complying with their quotas. However, the latest data shows that the implementation of production cuts is still incomplete due to Iraq's non-compliance with the agreement. Iraq only reduced its daily production by 14,000 barrels in February to an average of 4.2 million barrels per day, which resulted in the country's production exceeding the agreed upper limit by approximately 200,000 barrels per day.

Lower the 2024 non OPEC supply growth forecast from 1.2 million barrels per day to 1.1 million barrels per day, and raise the 2025 non OPEC supply growth forecast from 1.3 million barrels per day to 1.4 million barrels per day.

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