OPEC confirms big Saudi oil production hike ahead of Iran war, holds forecasts steady

Kitco Media
By Reuters
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Reuters
OPEC confirms big Saudi oil production hike ahead of Iran war, holds forecasts steady teaser image

LONDON, March 11 (Reuters) - OPEC said on ​Wednesday that Saudi Arabia sharply increased ‌oil production in February ahead of U.S. and Israeli strikes on Iran and ​kept its forecasts for relatively ​strong global oil demand growth this ⁠year.

Saudi Arabia increased its oil ​output and exports as part of ​a contingency plan in case any U.S. strike on Iran disrupts supplies from the Middle ​East, sources familiar with the ​plan had said in February.

The attack came on ‌February ⁠28 and the resulting conflict has disrupted oil exports, forced production stoppages and sent prices soaring.
OPEC, in a ​monthly report ​on its ⁠website, said that Saudi Arabia told OPEC its ​oil supply to the market ​in ⁠February was 10.111 million barrels per day while production was 10.882 million ⁠bpd. ​Saudi Arabia reported its ​production at 10.10 million bpd for January.

Reporting by ​Alex Lawler. Editing by Louise Heavens

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