OPEC oil output plunges in March as war forces export cuts, Reuters survey finds

LONDON: OPEC ⁠oil output plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey found, as the U.S.-Israeli war against Iran effectively closed ⁠the Strait ‌of Hormuz and forced export cuts.

Crude output by Organization of ⁠the Petroleum Exporting Countries members in March fell by 7.3 million barrels per day month-on-month to 21.57 million bpd, the survey showed, led by cuts in Kuwait, Iraq, Saudi Arabia and the United ‌Arab Emirates.

Only two OPEC nations - Venezuela and Nigeria - raised output during the month, the ⁠survey found.


The Reuters survey is based on flow data from financial group LSEG, information from other companies that track flows, such as Kpler, and information provided by sources at oil companies, OPEC and consultants.