OPEC’s crude oil production fell to 28.797 million bpd, according to OPEC’s latest edition of its Monthly Oil Market Report.
According to OPEC’s secondary sources, OPEC’s 13 members produced 86,000 fewer barrels per day of crude oil in the month of March compared to February, with Angola accounting for the largest decrease of 64,000 bpd. Other OPEC members who saw declining production include Algeria, Equatorial Guinea, Iran, Iraq, Libya, Nigeria, and the UAE.
The second biggest production drop was seen in Iraq, which had a production decline of 18,000 barrels per day in March, falling to 4.358 million bpd as its exports were stymied following a row with Turkey over oil exports from Iraq’s semi-autonomous Kurdistan Region. Iraq’s quota for March was 4.431 million bpd.
Meanwhile, Saudi Arabia saw its production increase by 44,000 barrels per day on average in March, according to secondary sources, to 10.405 million barrels per day—a rate of production not seen since December of last year. Saudi Arabia directly reported to OPEC that its crude oil production for March was even higher, at 10.464 million bpd. Saudi Arabia’s March quota was 10.478 million bpd.
Saudi Arabia has voluntarily agreed to reduce production starting in May by 500,000 bpd. Other OPEC members have also agreed to cut production in May, including Iraq, the UAE, Kuwait, and Algeria. Russia, too, said it would reduce crude oil production by 500,000 barrels per day. Overall, OPEC+ agreed last week to reduce its total crude oil production starting in May by an additional 1.6 million barrels per day on top of the existing cuts. The voluntary cuts came as a shock to the market, with oil prices rallying on news of the unexpected cut.