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OPEC Crude Output Fell In March On Lower Angolan Output

OIL

OPEC’s March oil output declined by 80kbpd on the month to 29.16mbpd as Angolan crude output fell to a multi-year low according to a Bloomberg survey.

  • Angola extended its long-running decline due to maintenance at two oil fields, with output falling by 110kbpd to 990kbpd, the lowest level since 2004 according to data from Energy Intelligence Group.
  • Saudi Arabia pumped 10.34mbpd in March, a little below the quota set by OPEC and its allies late last year.
  • In contrast, Nigeria ramped up production by 80kbpd to 1.52mbpd, the highest in just over a year according to the survey.
  • The 23-nation OPEC+ alliance is due to review production levels for the second half of the year on June 4.
Energy BulletsCommodities
Energy BulletsCommodities

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