Saudi led OPEC oil output jump ahead of Iran strikes, Reuters survey finds

By Alex Lawler

LONDON, March 6 (Reuters) - Saudi Arabia led a big increase in OPEC oil output in the month ahead of U.S. and Israeli strikes on Iran, a Reuters survey showed on Friday.

Saudi Arabia increased production and exports as part of a contingency plan for a U.S. strike, sources told Reuters.

Output by Organization of the Petroleum Exporting Countries members in February rose by 530,000 barrels per day month on month to 28.87 million, the survey showed.

Saudi Arabia's output rose by 250,000 bpd while Iran, Nigeria and Iraq also increased production, the survey found.

Venezuela also raised output slightly, though Reuters reported its oil exports declined with the loss of China as its main market.

OPEC's increase came despite the wider OPEC+ group, which includes others such as Russia, agreeing to keep output targets steady for the first quarter of the year.

Many members are running close to capacity limits and some are tasked with extra cuts to compensate for earlier overproduction.

Eight OPEC+ countries - including OPEC's Algeria, Iraq, Kuwait, Saudi Arabia and the UAE - had pledged to keep output unchanged before the effect of compensation cuts totaling 155,000 bpd for Iraq and the UAE.

The survey showed that the eight increased output by 330,000 bpd led by Saudi Arabia.

The Reuters survey is based on flow data from financial group LSEG, information from other companies that track flows, such as Kpler, and information provided by sources at oil companies, OPEC and consultants.