OPEC March oil output still above target-Petrologistics

LONDON (Reuters) – OPEC’s oil output in March is expected to average around 1 million barrels per day (bpd) above its target as Iran and some other members pump above agreed levels, an industry consultant said on Friday.

Output from the 11 OPEC members with production targets is expected to average 25.9 million bpd, compared with a revised 25.93 million in February, Conrad Gerber, head of Petrologistics, told Reuters.


The estimate implies the group delivered on around 75 percent of 4.2 million bpd of output cuts agreed since last year, according to Reuters calculations — less than the 80 percent found by many analysts for February.

“They are still around 1 million barrels above the target,” Gerber said. “The Iranians are over their target, the Angolans are well over and the Venezuelans are over.”

Reuters