The OPEC oil production plummeted in March to its lowest level since the height of the Covid-19 pandemic in June 2020, a Reuters poll showed, as the US-Israeli war against Iran led to the effective closure of the Strait of Hormuz and forced export cuts.
The Crude oil production by members of the Organization of the Petroleum Exporting Countries (OPEC) in March fell by 7.3 million barrels per day compared to the previous month, up to 21.57 million barrels a day, according to the survey, driven by cuts from Kuwait, Iraq, Saudi Arabia and the United Arab Emirates.
Only two OPEC countries (Venezuela and Nigeria) increased production during the month, according to the survey.
The Reuters poll is based on flow data from the Lseg financial group, information from other companies that track flows, such as Kplerand information provided by sources from oil companies, OPEC and consulting firms.
