OPEC Output Plunges
OPEC oil production collapsed to about 21.57 million barrels per day in March — the lowest since June 2020 — a fall of roughly 7–7.3 million bpd from February as the U.S.-Israeli conflict with Iran and regional attacks choked exports and closed parts of the Strait of Hormuz. The shock pushed Brent to a record monthly gain for March and helped trigger Asia’s steepest share slump since 2022, stoking inflation and global growth fears. (reuters.com) (globalbankingandfinance.com)
The Reuters March survey was assembled from shipping and flow data supplied by LSEG and analytics firms such as Kpler, plus reports from oil companies and industry consultants. (tradearabia.com) Kuwait, Iraq, Saudi Arabia and the United Arab Emirates accounted for the largest cuts among OPEC members in March, while Venezuela and Nigeria were the only members that increased production that month. (bairdmaritime.com) Iraq registered the steepest month-on-month drop cited in the survey, sliding from 4.15 million barrels per day in February to about 1.4 million bpd in March according to the flow data referenced. (bairdmaritime.com) Energy Aspects had forecast on March 16 that OPEC crude production would fall to roughly 22.2 million bpd for March as shipping and export disruptions tightened flows. (bairdmaritime.com) Sources quoted in the survey said OPEC+ members that had been slated to boost supply were due to meet on April 5 to discuss the planned resumption of increases that had been delayed earlier this year. (tradearabia.com) Front-month Brent and U.S. WTI reacted sharply to the flow data, with reports showing the May Brent contract settled at $118.35 per barrel and WTI at $101.38, and LSEG data recording a 64% monthly gain for front-month Brent in March. (lse.co.uk) The survey cautioned that March production totals could still be revised lower for some countries if ongoing shipping disruptions continue to affect exports, according to two Reuters sources cited in the report. (tradearabia.com)
