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OPEC exceeds oil production reduction targets

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The monthly OPEC report showed that the production of member countries of the organization decreased in March by 86,000 barrels per day compared to February last year, to 28.8 million barrels per day.

The report also says that the OPEC countries once again produced less than the levels allowed in the OPEC + deal, and their level of commitment to the agreement reached 182%.

The report said: “According to secondary sources, the average production of 13 OPEC countries in March last year was 28.8 million barrels per day, which is 86,000 barrels per day less than in the previous month. Oil production increased in Saudi Arabia, while time like in Angola, Iraq and Nigeria”.

And 10 of the 13 OPEC countries have obligations under the OPEC+ group agreement, which was supposed to cut production in March 2023 by 1.273 million barrels per day from the target level of August 2023, but in reality the reduction amounted to 2.32 million. bbl

Thus, the OPEC countries fulfilled the agreement by 182% and reduced production by 1.04 million barrels per day more than planned.

Source: News

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