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OPEC+ Production Rises to 41.25mn bpd in March on Overproduction: Platts Survey

OIL

OPEC+ crude output was up in March according, exceeding quotas again according to the Platts survey out Tuesday.

  • The group produced 41.25 million b/d of crude in March, up 40,000 b/d on February levels.
  • The figure includes an 80,000 b/d increase in OPEC production to 26.66 million b/d, offset by a drop in output by its allies of 40,000 b/d.
  • Platts cited Kazakhstan and Iraq as the main overproducing offenders.
  • The recent JMMC meeting declared that overproducers were forced to agree to submit detailed compensation plans by April 30.
  • OPEC+ plans to continue with its current policy of aggressive cuts until at least the end of the first half of 2024 and are achieving desired high prices despite weak compliance.
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