OPEC Oil Output Falls As Iraq Slash Exports.

OPEC Oil Output Falls As Iraq Slash Exports. 

Oil output by the Organization of Petroleum Exporting Countries there is reduction in crude oil exports by Nigeria and Iraq in March and the development has caused a dropped in exports.

A survey said, OPEC pumped less crude in March, reflecting lower exports from Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance, while, industry data also showed that the cost of Brent, the global benchmark for crude, increased to $87.92 per barrel around 6pm Nigerian time.

OPEC pumped 26.42 million barrels per day last month, down by 50,000 bpd from February, and based on shipping data and information from industry several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group.

Producers agreed last month to keep them in place until the end of June, and an OPEC+ panel of key ministers are to meet on Wednesday to review the market and members’ production, and is not expected to recommend any policy changes ahead of the group’s next full meeting set for June 1.

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