Oil production from the Organization of the Petroleum Exporting Countries (OPEC) decreased in March due to maintenance activities at oil fields in Angola and disruptions in Iraq’s exports. This highlights the impact of the strict adherence of major producers to the production quotas outlined in the OPEC+ agreement to cut supplies.
A survey conducted by Reuters showed that OPEC countries produced 28.90 million barrels per day this month, a decrease of 70,000 barrels per day compared to February. Production has fallen by more than 700,000 barrels per day since September.
The largest drop in production, by 100,000 barrels per day, came from Angola due to a limited export program and maintenance at the Dalia field. Exports have reached their lowest levels in months according to some estimates.
The second-largest decline came from Iraq, where production companies in the Kurdistan region reduced output after halting exports through a pipeline. However, the survey indicated that increased exports from southern Iraq mitigated the decline.
The survey noted that Gulf OPEC countries—Saudi Arabia, Kuwait, and the UAE—maintained strict adherence to the targeted production levels under the OPEC+ agreement.
Among the countries that experienced higher production, Nigeria recorded the largest increase within OPEC in March, as the country moves closer to its goal of raising production to 1.6 million barrels per day this quarter.
The three countries exempted from OPEC's production cuts are Libya, Iran, and Venezuela. The survey showed that production from Iran and Venezuela remained stable, while production from Libya slightly declined.
