Opec oil production up to record levels in Feb since 2008

Crude oil production by the Opec group rose by 4 lakh barrels per day to reach 31.27 million barrels per day (bpd) in February as compared to January.

This is the highest monthly output from the 12 producing countries since the autumn of 2008, a Platts survey of the Organisation of the Petroleum Exporting Countries and oil industry officials and analysts has revealed.

Continuing recovery in Libyan production accounted for 2.5 lakh bpd of the month-on-month increase while smaller increments came from Angola, Kuwait, Nigeria, Saudi Arabia and Venezuela, it said.

"For all of 2012, the call is 29.9 million bpd. Instead, Opec is producing well over a million barrels per day above that, yet oil prices continue to climb Output dipped slightly in Iran, Iraq and the UAE", said John Kingston, Platts global director of news.

He, however, said there have been drop in production in non-Opec countries.

Kingston said a European Union embargo on Iranian oil is due to come into force on July 1, giving refiners several months to seek alternative supplies.

But non-EU countries which have been big buyers of Iranian crude have also shown interest in diversifying their supplies, partly from concern about similar US sanctions, he said.