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OPEC Production at 28.9mn Bpd March: Reuters Survey

OIL

OPEC pumped 28.90 million bpd this month, according to a Reuters survey, down 70,000 bpd from February.

  • Output is down more than 700,000 bpd from September.
  • With the declines in Angola and Iraq this month, compliance with the agreement increased to 173% of pledged cuts, according to the survey, against 169% in February.
  • Output is significantly undershooting the targeted amount by 930,000 bpd because many producers - notably Nigeria and Angola - lack the capacity to pump at the agreed levels.
  • OPEC is expected to stick to its output cut of 2mn bps at Monday’s meeting. See here for our preview earlier: https://marketnews.com/opec-meeting-opec-likely-to-stay-the-course
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