Oil production and prices up, survey finds

WASHINGTON, Feb. 10 (UPI) -- Oil production from OPEC members reached levels in January not seen in more than two years as the crisis in Egypt affects prices, an analysis found.

Results from a survey by the Platts news agency indicated that oil production from Organization of the Petroleum Exporting counties averaged slightly more than 29 million barrels per day in January, up 300,000 bpd from December and the highest level in more than two years.

The survey found that production declines from Iran and Nigeria were balanced by increased production in Angola, Kuwait, Saudi Arabia, the United Arab Emirates and Venezuela.

Platts found that oil production is on the rise, corresponding with steady increases in the price of crude since September. Oil prices touched $100 per barrel in early February as political turmoil washed over much of the Middle East. It marked the first time the $100-per-barrel mark was reached since the worldwide financial crisis hit in late 2008.

OPEC has operated under production targets enacted in January 2009. OPEC officials said there was no need to have an extraordinary meeting before the regular convention in Vienna in June.