Reuters survey: OPEC oil production fell 7.3 million barrels per day in March compared to February to its lowest level since June 2020

By Alex Lawler

LONDON, March 31 (Reuters) - Oil production from the Organization of the Petroleum Exporting Countries (OPEC) fell in March to its lowest level since the peak of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the de facto closure of the Strait of Hormuz due to the U.S.-Israeli war on Iran forced member states to cut their exports.

The survey revealed that crude oil production from member countries fell by 7.3 million barrels per day (bpd) month-on-month in March, reaching 21.57 million bpd. This decline was primarily attributed to production cuts in Kuwait, Iraq, Saudi Arabia, and the UAE. The survey concluded that only two OPEC members, Venezuela and Nigeria, increased their output during the month.

The Reuters survey is based on oil flow data from the London Stock Exchange Group and information from other companies that specialize in tracking oil flows, such as Kpler, as well as information from sources in oil companies, OPEC, and consultants.


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