* Supply rises by 170,000 bpd, led by Iraq, Angola
* Saudi Arabia trims output, Libyan supply falls
* OPEC output below 30 million bpd target for fifth month
By Alex Lawler
LONDON, Feb 28 OPEC's oil output has risen
further in February from December's 2-1/2-year low, due to more
shipments from Iraq and Angola, and further upward creep in
Iranian exports, a Reuters survey found on Friday.
Output from the Organization of the Petroleum Exporting
Countries averaged 29.96 million barrels per day (bpd), up from
a revised 29.79 million bpd in January, according to the survey
based on shipping data and information from sources at oil
companies, OPEC and consultants.
The survey illustrates the potential for OPEC supply to
rebound in 2014 if Iraq and Iran sustain higher output,
potentially weighing on oil prices unless outages persist in
Libya or top exporter Saudi Arabia cuts back.
"If OPEC production is rising, this would only add to the
existing over-supply," said Carsten Fritsch, analyst at
Commerzbank in Frankfurt. He expects Brent crude to fall
further towards the middle of its trading band of $100-110 a
barrel over the next few weeks due to ample supplies.
In February, a jump in Iraqi exports, an increase in Angola
and a further small rise in Iranian shipments outweighed
reductions in Libya, Nigeria and Saudi Arabia.
OPEC's December output was the lowest since May 2011, when
the group pumped 28.90 million bpd, according to Reuters
surveys. Despite increases this month and in January, supply is
below OPEC's nominal target of 30 million bpd for a fifth
The biggest increase came from Iraq, whose exports from its
southern terminals jumped by more than 300,000 bpd as shipping
delays caused by bad weather in January were cleared. Shipments
of Kirkuk crude also increased from Iraq's north.
Angola's exports have increased in February, mainly as the
shorter month lifted the daily rate. The increase is unlikely to
last as maintenance at BP's Plutonio oilfield is set to
reduce exports in March.
Iranian supply to market was estimated at 2.82 million bpd,
up 70,000 bpd. The modest pickup is the fourth consecutive
monthly rise, according to sources who track tanker movements,
and adds to signs that the easing of sanctions on Tehran is
helping it sell more crude.
The largest decline in OPEC was from Libya, where output
declined to 230,000 bpd by the end of the month from January's
average of 550,000 bpd because of strikes and protests.
Top oil exporter Saudi Arabia, industry sources say, trimmed
output slightly. Saudi state oil company Saudi Aramco told some
term buyers that it will supply less Arab Extra Light crude due
to maintenance at one of its biggest oilfields, Shaybah.
"I think they are taking advantage of a seasonal slow
period," said an industry source of the timing of the
maintenance. "They may re-jig production from other fields to
keep pace with demand. If market demand is there, then they will
(Additional reporting by Peg Mackey; Editing by William Hardy)