Saudi Arabia, Venezuela, Iraq show largest monthly drops
By Richard Rostad, analyst, Oil & Gas 360

OPEC production fell sharply in March, as several countries reported sharp declines in production according to the cartel’s Monthly Oil Market Report.

Total OPEC output fell by 534 MBOPD in March, the fifth decline in a row. OPEC output dropped to 30,022 MBOPD, the lowest total cartel output since January 2015, according to Bloomberg.

Saudi Arabia continued its attempts to boost oil prices, slashing 324 MBOPD in March. The country is now producing less than 10 MMBOPD and is at a three-year low. Iraqi production fell significantly in March, with 126 MBOPD coming offline.

Venezuelan production also decreased dramatically, with 2...

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