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Global oil production bolstered by Iraqi flows

Global oil production rose by 600,000 barrels per day (b/d) in February, to 92.89 million b/d, as Opec output soared

Opec crude production in February topped 30 million b/d for the first time in five months, led by a surge in Iraqi output, which reached 35-year highs of 3.62m b/d. The International Energy Agency (IEA) said a dip in Libyan output was more than offset by the unexpected jump in Iraqi production volumes. One of the major bottlenecks at Iraq’s southern export terminals was removed, allowing shipments to rise more than 500,000 b/d, the IEA said. Increased output from Saudi Arabia and Nigeria also contributed to supply. The call on Opec crude and stock change was lowered by 100,000 b/d to 28.9m b/d for the first quarter of 2014, but was raised by 250,000 b/d to 30.2m b/d for the second half of 2

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