Top oil exporter Saudi Arabia pumped 9.15 million barrels per day of crude oil in February, an industry source said on Saturday, slightly up from the 9.05 million bpd it produced in January. However, the kingdom slightly cut supply in February to 9.16 million bpd, the source added. It supplied 9.26 million bpd in January.
When crude supply exceeds output the difference is usually made up by oil taken from storage. Saudi Arabia, Opec's largest oil producer, expects to raise its oil output in the second quarter to satisfy higher demand from China and feed economic recovery elsewhere.
It cut production sharply in the fourth quarter of last year because of weak economic growth abroad and lower domestic consumption because of cooler winter weather. Crude output from the Organisation of Petroleum Exporting Countries rose in February, the first monthly increase since October, due to higher exports from Iraq and increased supply from Saudi Arabia, a Reuters survey found last week.
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