OPEC+ oil output down by 460,000 bpd in March, falling short of quota - IEA

OPEC+ oil output down by 460,000 bpd in March, falling short of quota - IEA
# 14 April 2023 17:34 (UTC +04:00)

OPEC+ countries that have obligations under the agreement on limiting oil production decreased output by 460,000 barrels per day in March, increasing the gap from the quotas to 2.2 million barrels per day from 1.7 million barrels per day, the International Energy Agency (IEA) said in its fresh report on Friday, APA-Economics reports citing urdupoint.

"Production from the 19 members (of OPEC+) subject to quotas tumbled by 460 kb/d to 37.94 mb/d in March - widening the gap between the bloc's supply and official targets to 2.2 mb/d versus 1.7 mb/d in February," the report reads.

Crude oil production in all 23 OPEC+ countries dropped by 380,000 barrels per day to 44.17 million in March, according to the IEA.

"OPEC+ crude oil production from all 23 countries rose 180 kb/d to 44.53 mb/d in February, with Russia, Saudi Arabia and Nigeria driving the increase. Output in Kazakhstan, Angola and Iraq declined due to maintenance and unplanned outages," the report said.

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