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.