Wednesday, March 16, 2011
The OPEC report of Friday gave us a first glimpse of Saudi production stats for February. According to the data, production increased by about 300kbd from January. But December and January data were also revised up, so the data (see above) now show a pretty noticeable increase of about 0.5mbd over the last few months. The IEA will release their version of this in a couple of weeks, so we will get confirmation then. And obviously, March will make clear both the degree of loss of Libyan production, and the extent of any Saudi response.