Opec oil production dropped 490,000 barrels per day last month to 27.97 million bpd from January, the Middle East Economic Survey (MEES) reports in its Monday edition, noting declines in Saudi Arabia, Kuwait, Iran, Iraq and Indonesia,
"Opec-10 (without Iraq) production fell to 26.09 million bpd in February from 26.46 million bpd in January, exceeding the November 1, 2003, ceiling of 24.5 million bpd by 1.59 million bpd," the industry specialist says.
The reductions precede Opec's plan to shave one million bpd off production on April 1 amid what MEES called "mixed signals" from oil ministers on whether the cartel will go ahead with the planned output cuts at a March 31 meeting in Vienna.
"From a practical perspective, it is clear that for most Opec producers, there is evidence that output cuts have been programmed into loading schedules for April - so there is no prospect that these can be unraveled at the March meeting," the Cyrpus-based weekly says.
"Any potential decision to roll back output cuts could only become effective from 1 May," it notes.
"To date, there appears to be little appetite among most ministers for any formal change to the output cut decision reached at the 10 February meeting in Algiers, although informal overproduction may once again be the route chosen by producers to try and ease high oil prices."
US crude oil prices approached a 13-year record closing high Friday as traders pumped up the market in fear of the Opec production cut. New York's benchmark light sweet crude contract for delivery in April rose 15 cents to finish at 38.08 dollars a barrel.
Brent North Sea crude oil for May delivery rose 13 cents to 33.26 dollars a barrel.
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