Daily Energy Report
OPEC production up, Global oil demand growth, Ukraine hits Russian refinery, Refinery closure risk, Aramco invests in US CarbonCapture, India refinery exports avoid Red Sea, and more.
Chart of the Day: OPEC Production Increased in February
Summary
Figure (1) above shows trends in OPEC crude oil production. OPEC released its Monthly Oil Market Report this morning which shows that OPEC production increased in February by 203 kb/d to 26.368 mb/d. Most of the increase came from a recovery in Libyan and Nigerian production. Libya’s production increased by 144 kb/d to 1.167 mb/d. Nigeria’s production increased by 47 kb/d to 1.476 mb/d. Production of the rest of the countries was virtually flat.