OPEC output plunges
OPEC oil output fell in March to its lowest level since June 2020 as the U.S.-Israeli campaign against Iran forced export cuts and effectively closed the Strait of Hormuz — a shock that is keeping prices elevated. Higher oil forecasts and market volatility are now being flagged as a budgetary headwind for institutions that rely on travel and transport spending. (reuters.com)
Crude output by OPEC members fell by about 7.3 million barrels per day month‑on‑month to roughly 21.57 million bpd in March, according to the Reuters survey figures republished by industry outlets. (bairdmaritime.com) Kuwait, Iraq, Saudi Arabia and the United Arab Emirates accounted for the bulk of the reductions, while Venezuela and Nigeria were the only OPEC members that increased production in March. (economictimes.indiatimes.com) Iraq registered the largest single-country drop, slipping from about 4.15 million bpd in February to roughly 1.4 million bpd in March, per flow and company source estimates used in the survey. (tradearabia.com) Energy Aspects had forecast a roughly 7.0 million bpd decline for March, projecting OPEC crude near 22.2 million bpd before the month began, a forecast that tracked closely with the later reported flows. (tradearabia.com) Saudi Aramco reduced official crude allocations to Asian buyers for April for a second consecutive month, reflecting tighter available export volumes, and OPEC+ had agreed to hold Q1 production steady while signalling planned increases in April. (msn.com) Brent crude peaked higher through March before easing at month‑end, with front‑month Brent around $103.10 per barrel on March 31 and benchmark models projecting Brent to trade near $119.58 by the end of the quarter in some analyst compilations. (tradingeconomics.com)
