OPEC’s Crude Oil Production Fell 0.3% in March, Survey Shows

(Bloomberg) — The Organization of Petroleum Exporting Countries cut oil production 0.3 percent in March, as Nigerian output dropped to the lowest in almost five years, a Bloomberg News survey showed.

OPEC pumped an average 32.35 million barrels a day last month, down 85,000 barrels from February, according to the survey of oil companies, producers and analysts. February output was revised up by 160,000 barrels a day. Production by the 12 members with quotas, all except Iraq, fell 30,000 barrels to 29.97 million barrels a day.


Nigerian production fell 80,000 barrels to an average 1.96 million barrels a day last month, the biggest decline of any member, the survey showed. It was the lowest output for the West African country since April 2003.

Bloomberg