OPEC Oil Output Falls 80,000 b/d in March, But Still Above Target

The 10 members of the Organization of Petroleum Exporting Countries (OPEC) bound by the group’s output agreements produced an average 26.54 million barrels per day (b/d) in March, a Platts survey showed April 11. This is down 80,000 b/d from February’s 26.62 million b/d but still 740,000 b/d above the group’s 25.8 million b/d production target.

Total production from all 12 members, including Iraq which does not participate in OPEC output pacts and Angola which joined the group at the beginning of this year, dipped by 70,000 b/d to 30.11 million b/d, the survey estimated.

PRNewswire