OPEC reports slight increase in crude oil production for March

According to the latest data from OPEC’s Monthly Oil Market Report (MOMR), released on Thursday, the organization’s crude oil production saw a marginal uptick of 3,000 barrels per day (bpd) in March compared to February.

This increase, as reported by secondary sources tracking production, was primarily driven by boosts in output from Iran and Saudi Arabia.

The collective crude oil production of all 12 OPEC members, including Iran, Libya, and Venezuela, averaged 26.60 million bpd in March, up by 3,000 bpd from the previous month.

While countries like Iran, Saudi Arabia, Gabon, and Kuwait experienced slight increases in oil output, others such as Nigeria, Iraq, and Venezuela witnessed decreases in production.

Saudi Arabia, the leading producer within OPEC, raised its output to 9.037 million bpd in March, consistent with its commitment to maintaining production around 9 million bpd until the end of the first half of the year.

However, Iraq, OPEC’s second-largest producer, exceeded its agreed-upon production levels by nearly 200,000 bpd, pumping well above its quota of 4 million bpd.

Iran, exempt from production cuts, reported a rise in oil production to 3.188 million bpd in March, reflecting an increase of 28,000 bpd from February.

Despite the marginal increase in production, the Joint Ministerial Monitoring Committee (JMMC) refrained from recommending changes to output policy, instead emphasizing the importance of improved compliance with production cuts.

Iraq’s consistent failure to adhere to its production quota has been a point of concern.

However, Iraq’s Oil Minister reiterated the country’s commitment to abide by the agreed-upon production limit of 4 million bpd in line with the OPEC+ agreement.