MOSCOW (Pakistan Point News / Sputnik - 10th April, 2019) The Organization of the Petroleum Exporting Countries (OPEC) exceeded its oil production cut commitments by 54 percent in March, the organization's monthly report said Wednesday.
"According to secondary sources, total OPEC-14 preliminary crude oil production averaged 30.02 mb/d in March, a decrease of 534 tb/d over the previous month. Crude oil output decreased mostly in Saudi Arabia, Venezuela, Iraq, and IR Iran, while production increased in Libya, Congo and Nigeria," the report said.
The report suggests that OPEC countries lowered the output by 1.254 million barrels per day, compared to October last year, which constitutes a 154-percent compliance, as the pledged reduction was by 812,000 barrels per day.
OPEC states and several major non-cartel producers agreed in December to reduce the combined output by 1.2 million barrels daily compared to October 2018 levels in a bid to prop up oil prices.
