Opec-Plus: March Yields Steep Output Decline

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  • Crude oil output in March by Opec-plus members taking part in the production agreement saw its steepest fall in 10 months, or 680,000 b/d, to 37.64 million b/d, according to Energy Intelligence’s assessment.
  • The bulk of the decline came from Russia and Nigeria, which together accounted for 440,000 b/d, or almost two-thirds, of the monthly reduction.
  • March production was 2.5 million b/d short of the alliance’s target for the month, the largest shortfall since October.

A steep March crude oil output decrease means that production by the alliance’s 19 members with a quota has fallen to May 2022 levels — a trajectory Opec leaders will welcome as they look to constrain supply given the headwinds for projected demand growth this year.

Topics:
Oil Supply, Opec-Plus Supply , Opec/Opec-Plus, Crude Oil
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