Categories Energy

OPEC oil output tanks to four-year low

In the month of March, OPEC oil supply fell to four-year lows with Saudi Arabia’s commitment to the Middle East bloc’s pact on supply-cutting, according to a Reuters survey.

Last month, the Organization of the Petroleum Exporting Countries supplied just 30.4 million barrels per day (bpd). This was 0.28 million bpd lower than February 2019, and the lowest by OPEC since 2015.

This also hints at the bloc aiming for bigger cuts, despite pressure from the US to ramp up supply.

With this, crude oil has been seen above the $68/barrel mark. Supply cuts from Iran and Venezuela added to the climbing prices. With power failures and US sanctions, Venezuela’s supply slipped by 0.15 million bpd.

However, the champion of supply cuts was none other than Saudi Arabia — which supplied 0.22 million bpd less than what is did in February.

But not all saw a slip in production. Nigeria produced more, helped by Total’s Egina field. Others to join Nigeria were Equatorial Guinea, Ecuador, Congo and Gabon.

The output recorded in March was the lowest since February of 2015 from the OPEC.

 

 

Earnings Calendar: Browse through our earnings calendar and get all scheduled earnings announcements, analyst/investor conference and much more!

Most Popular

Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO

Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training

INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues

Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came

Riding the AI wave, Nvidia looks set to stay on the high-growth path

After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top