OPEC oil output has hit a 14 month high in February 2010 led by OPEC member countries Angola and Saudi Arabia, a Reuters survey showed on Friday, further reducing compliance with oil output targets. Supply from the 11 members of OPEC with output targets, all except Iraq, is averaging 26.80 million barrels per day (bpd), up from a revised 26.69 million bpd in January, according to the survey of oil firms, OPEC officials and analysts. The survey implies OPEC has made 53 percent of promised supply cutbacks versus 56 percent in January. OPEC, source of more than a third of the world’s oil, meets to set policy on March 17 and the widening gap between its supply target and actual output is likely to be a main topic of debate. Even so, analysts said the extra barrels were not unwelcome in the market given that oil prices remain within the range favoured by many OPEC members and inventories, which ballooned last year due to falling demand, were coming down. “OPEC’s told us that given the current economic environment, their goal is oil at $70 to $80. As long as prices are in that range, they are happy,” said Mike Wittner, analyst at Societe Generale in London. “The output creep has been fairly limited in recent months, and with stocks coming down the market is absorbing it.” Oil inventories in countries of the OECD in December 2009 were little changed on a year earlier in terms of days of future demand, according to the IEA. Top Libya official says OPEC to keep oil output unchanged Ecuador’s Pinto says OPEC oil output to remain unchanged Peak demand for oil is alarming says Saudi Arabia OPEC could cut oil output if prices fall below $70 US OPEC worried about member’s oil production targets Ecuador says OPEC has not discussed March oil output change The run up to OPEC’s December oil output meeting Latest OPEC report says 2010 oil forecast to be trimmed OPEC member oil output hits 2009 high in December OPEC keeps oil output unchanged in December meeting Oil prices trading above $80 on higher 2010 forecasts Crude oil ends weeks trading higher, back near $80 OPEC member states get visit from US Energy Secretary OPEC member Iran begins drilling oil well in Caspian Sea Morgan Stanley forecast oil prices trading at $110 in 2010 IEA to Meet CFTC and OPEC on curbing oil price speculation IEA cuts non OPEC oil forecast on lower Azerbaijan production Oil prices to be trading above $90 a barrel says Citigroup Asia executives looking to $90 plus 2010 crude oil prices The peak oil crisis in 2010 \u2013 an annus horribilis <\/p>\n