Tuesday 12 April 2016

OPEC pumped 32.38m barrels of oil per day in March

OPEC pumped 32.38m barrels of oil per day in March

Oil production increased by 40,000 barrels per day (b/d) in March.

Total production reached 32.38 million b/d, new figures from Platts revealed.

The rise in oil production was driven by sanction-free Iran which said it is targeting production of four million b/d in the new Iranian year.

The demand for crude from this country has jumped, particularly from Indian and South Korean refiners and is expected to flow to Europe.

In Iraq, oil output rose 30,000 b/d to 4.16 million b/d in last month.

OPEC's largest producer, Saudi Arabia kept its output at 10.20 million b/d for the third consecutive month.

There is a meeting between OPEC and non-OPEC countries in Doha on 17th of April to discuss freezing oil production at January levels.

The initiative was announced by Saudi Arabia and Russia as well as OPEC members Venezuela and Qatar last February to help balance oil markets and support prices.

Around 13 countries have confirmed their participation.

Iraq and Iran have yet not shown any firm commitment to the proposal.

Written by

Bruna Pinhoni

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