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March OPEC Output Mostly Unchanged MoM: Bloomberg Survey

OIL

OPEC crude oil production stood at 26.86mbpd in March, mostly unchanged from February levels, according to a Bloomberg survey.

  • Overproducer Iraq has slightly reduced output by 30kbpd last month to 4.17mbpd, the survey showed, still above its current target of 4mbpd.
  • In contrast, the UAE produced 3.13mbpd in March, 280kbpd above its OPEC+ quota.
  • OPEC’s JMMC meeting is scheduled to take place on 1PM CET (12:00GMT) on Wednesday according to Reuters.
  • The group is not expected to suggest any changes to current output policies.

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