OPEC output collapses
OPEC oil production plunged to its lowest level since the COVID era — down about 7.2 million barrels per day in March, with Iraq recording the largest drop while only Nigeria and Venezuela managed gains. Markets still pushed prices below $100/barrel on April 1 amid weaker industrial demand and hopes of shipping‑lane relief; OPEC+ will review volatility at a monitoring panel meeting on April 5. (kyivpost.com; profilenews.com; reuters.com)
A Reuters-based survey compiled from vessel and export flows put OPEC’s March crude output at about 21.57 million barrels per day. (tradearabia.com) Iraq’s reported average dipped to roughly 1.4 million bpd in March from about 4.15 million bpd in February, the survey showed — the largest single-country decline in the sample. (tradearabia.com) The survey’s figures are drawn from LSEG flow data complemented by independent trackers such as Kpler and direct reporting from oil firms, OPEC and industry consultants. (tradearabia.com) Analysts at Energy Aspects had projected on March 16 that OPEC crude would fall about 7.0 million bpd to roughly 22.2 million bpd; the Reuters-based flow estimate came in even lower than that analyst forecast. (bairdmaritime.com) Market action on April 1 saw front‑month Brent briefly slip below $100, touching about $99.96 intraday, while U.S. WTI futures also tumbled below the $100 mark before later recovering. ( ) OPEC+ has a planned modest output increase effective in April and its Joint Ministerial Monitoring Committee — alongside the eight members due to consider additional adjustments — will meet on April 5, a session Russia said is likely to address the recent price surge. ( )
