[ad_1]
Heinz-Peter Bader | Reuters
Saudi Oil Minister Khalid al-Falih listens at a press conference following the OPEC meeting in Vienna, Austria on November 30, 2017.
OPEC oil supply fell by 500,000 barrels a day in March, falling to its lowest level in four years, while Saudi Arabia continued to cut production and that Venezuela's production fell in a context of economic crisis.
Total OPEC production was the lowest since February 2015, when the group pumped 29.97 million bpd, although its composition has changed several times since.
March's drop is largely due to Saudi Arabia's willingness to aggressively reduce production. In March, the Saudis pulled out an additional 324,000 barrels of the market, bringing production to just under 9.8 million barrels a day and following up on Energy Minister Khalid al-Falih's promise to recover significantly less than 10 million barrels a day.
Saudi output has now fallen by about 1.3 million bpd from its record high of $ 11.1 million in November, when the kingdom's production has increased to offset the US sanctions imposed on the United States. energy against Iran member of OPEC.
The final decline in Venezuelan production continues to help OPEC + reduce its global oil supplies. Following a series of power cuts that disrupted oil activities, Venezuelan production plunged from 289,000 to 732,000 b / d in March.
Venezuela, already plunged into an economic crisis that has lasted for years, is now struggling with US sanctions against the state-owned oil giant PDVSA, and a political stalemate between socialist leader Nicolas Maduro and the figure of the government. opposition Juan Guaido.
Source link
