Non-Opec-Plus: March Output Edges Higher With Permian in Focus

Liquid hydrocarbons output by countries not aligned with Opec-plus grew by 200,000 barrels per day in March to 48.78 million b/d, a four-month high. Crude oil accounted for the bulk of the increase, rising 160,000 b/d over the month to almost 33.5 million b/d. For the quarter, liquids output averaged 48.5 million b/d, a 2 million b/d increase on the same period in 2022. The spring offensive has begun in the oil world beyond Opec-plus as producers aim to capitalize on the approximate $5 per barrel uptick in prices thanks to the alliance’s decision of Apr. 2 to cut production.