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OPEC Lifts Crude Oil Production By 810,000bpd

According to the Monthly Oil Market Report (MOMR) released last weekend, OPEC, increased production by 810,000 barrels per day in March.

This increase is contrary to the plan of the Organization of Petroleum Exporting Countries, to reduce the flow of crude oil to the global market to reduce the current oversupply and stabilize the plummeting prices.

The cartel has also stated that it will continue increasing output, despite an oversupply, projecting an increased demand of 80,000 barrels per day higher for this year than anticipated.

For the month of March, OPEC produced an average of about 30.79 million barrels per day, representing an increase of 810,000 barrels per day.

“Crude oil output increased mostly from Saudi Arabia and Iraq, while Libya saw a return of about 165, 000 barrels per day from shut-in wells in active oil fields,” OPEC said in MOMR report.

Non-OPEC oil supply is expected to leap by 680,000 barrels per day in April, up from March.

 

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