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  • Oil & Gas - News
  • Updated: April 11, 2024

OPEC reports marginal increase in crude oil production in March

OPEC reports marginal increase in crude oil production in Ma

OPEC's crude oil production rose by 3,000 barrels per day (bpd) in March compared to February, with Iran and Saudi Arabia seeing slight boosts while Iraq exceeded its expected output levels.

According to OPEC's Monthly Oil Market Report (MOMR), all 12 OPEC members, including Iran, Libya, and Venezuela exempt from OPEC+ cuts, averaged 26.60 million bpd in March, up 3,000 bpd from February.

While Iran, Saudi Arabia, Gabon, and Kuwait increased their oil output, Nigeria, Iraq, and Venezuela experienced decreases, as per secondary sources tracking production.

Saudi Arabia, OPEC's largest producer, raised output to 9.037 million bpd in March, aligning with its pledge to maintain around 9 million bpd until the first half of the year ends.

However, Iraq, OPEC's second-largest producer, surpassed its pledged volumes, producing nearly 200,000 bpd more than its commitment to keep production at 4 million bpd.

Iran, exempt from cuts, increased its oil production to 3.188 million bpd in March, up by 28,000 bpd from February.

While the Joint Ministerial Monitoring Committee (JMMC) didn't recommend changes to output policy, it highlighted the need for improved compliance with cuts.

Iraq, despite pledges to reduce production, has been pumping above its quota.

However, Iraq's Oil Minister affirmed its commitment to produce no more than 4 million bpd of crude oil, in line with the OPEC+ agreement.

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