March 11, 2014 / 7:27 AM / 4 years ago

UPDATE 1-Saudi Arabia's Feb crude oil output inches up to 9.849 mln bpd - source

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KHOBAR, Saudi Arabia, March 11 (Reuters) - OPEC heavyweight Saudi Arabia produced 9.849 million barrels per day (bpd) of crude oil in February, up from 9.767 million bpd in January, an industry source familiar with the matter said on Tuesday.

The world’s largest oil exporter supplied 9.899 million bpd in February to the market, down from 9.916 million bpd in January. Supply to market may differ from production depending on the movement of barrels in and out of storage.

“Production was up but it doesn’t indicate anything, the market is stable, balanced,” said the source.

OPEC’s oil output rose 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 in February.

Iraq’s crude oil production reached 3.5 million barrels per day (bpd) in February and exports rose to their highest level ever at 2.8 million bpd for the month.

As for OPEC member Libya, the government has tried to end a wave of protests at oil ports and fields across the vast desert state that have slashed oil output, the country’s lifeline, to 230,000 barrels per day (bpd), from 1.4 million bpd in July. (Reporting by Reem Shamseddine; Editing by Hugh Lawson and Mark Potter)

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