OPEC + output fell 1.45 million barrels per day (bpd) in March from its target as Western sanctions hit Russia’s capabilities, according to a report by the oil alliance. countries cited by Reuters.
In particular, according to the report, Russia produced about 300,000 barrels a day below its target, with production reaching 10.018 million barrels in March.
In this climate, the compliance of OPEC + countries with production cuts increased to 157% in March from 132% in February, as the data showed. This is the highest rate since the agency introduced record production cuts of about 10 million barrels per day in May 2020 to address the impact of the pandemic on demand.
It is recalled that OPEC + had agreed last month to another small monthly increase in oil production in May by 432,000 barrels per day, despite pressure from large consumers to intensify oil extraction.
As Reuters points out, as the Agency gradually picks up production cuts, several producers, particularly in West African countries, are finding it difficult to increase rates due to a lack of investment and the departure of international energy companies.
It is recalled that at last month’s meeting, OPEC + also withdrew from its sources on the state of the oil market the data of the International Energy Agency (IEA), replacing it with the consulting companies Wood Mackenzie and Rystad Energy.
In the oil market, prices continued to move today in the area around $ 110 a barrel, with small losses of 1.2% for Brent ($ 111.78) and 1.4% for WTI ($ 106.58).
Source: Capital
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