OPEC’s March Output Falls

OPEC pumped 300 000 barrels per day (bpd) less crude oil in March than February after attacks hit supply from Nigeria, tanker-tracking consultancy Petrologistics said on Wednesday.

The Organization of the Petroleum Exporting Countries has pumped 29,7-million bpd to date in March, down from a revised figure of 30-million bpd in February, the consultancy said.

OPEC agreed at its meeting on March 8 to keep output unchanged at near 25-year highs in a bid to keep prices down and to ease concern about the potential for major supply disruptions from Iran and Nigeria.

The high level of output has helped US crude stocks build to near seven-year highs as the oil industry increases inventories to compensate for supply threats.

Nigeria’s output fell to around 2,05-million bpd in March, down from the preliminary output figure of around 2,25-million bpd in February, Petrologistics head Conrad Gerber said.

“They should be doing about 2,7-million bpd by now, with Bonga and Erha and if output from the other oilfields had recovered,” Gerber said.

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