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Mon 14 Mar 2016 12:41 PM

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Saudi kept its crude oil production steady in February

OPEC leader Saudi Arabia and non-OPEC producer Russia said they would freeze output at January levels to prop up prices if other nations agreed to join the first global oil pact in 15 years

Saudi kept its crude oil production steady in February
(Getty Images)

Saudi Arabia kept its crude oil production steady in February, pumping 10.22 million barrels per day, an industry source said on Monday, after the top oil exporter struck a preliminary deal with other producers to freeze output.

Saudi Arabia produced 10.23 million bpd of crude oil in January, according to OPEC data.

Crude supplied to the market in February was around 10.4 million bpd, the source added.

"It is an indication that the demand is still growing strong. There is no sign of weakening demand growth actually," the source said.

Supply to the market, both domestically and for export, may differ from production depending on the movement of oil in and out of storage.

OPEC leader Saudi Arabia and non-OPEC producer Russia, the world's two largest oil exporters, said last month they would freeze output at January levels to prop up prices if other nations agreed to join the first global oil pact in 15 years.

But OPEC's third-largest producer Iran plans to raise production after international sanctions against the country were lifted in January and has called the freeze deal laughable.

Iranian oil minister Bijan Zanganeh said Tehran would join discussions between other producers about a possible freeze of oil production after its own output reached 4 million bpd, ISNA news agency reported on Sunday.

The issue is set to be discussed when Russian Energy Minister Alexander Novak meets Zanganeh. Novak is visiting Tehran on Monday, RIA news agency reported, citing the Russian embassy in Iran.

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