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OPEC countries participating in OPEC+ deal boost output in March by 10,000 bpd

According to the report, the updated quota for nine countries of the organization participating in OPEC+ stands at 23.835 mln barrels per day

MOSCOW, April 11. /TASS/. OPEC countries (excluding Iran, Libya and Venezuela) participating in the OPEC+ transaction boosted oil production by 10,000 barrels per day in March 2024 to 21.446 mln barrels per day, OPEC said in its April report.

Since 2024 within the OPEC+ deal new targeted production levels have been in place. Considering all changes, including the revision of quotas for Congo and Nigeria, as well as Angola’s withdrawal from OPEC, the updated quota for nine countries of the organization participating in OPEC+ stands at 23.835 mln barrels per day. In March, real production by those countries amounted to 21.446 mln barrels per day, which is 2.389 mln barrels per day lower than the level stipulated by the OPEC+ agreement.

However, the parameters of the OPEC+ deal do not take voluntary output cuts that a number of countries of the alliance, including certain OPEC countries, stick to. Total volume of those cuts amounts to 1.66 mln barrels per day. Moreover, Saudi Arabia additionally reduces production by another 1 mln barrels per day from July 2023 to June 2024, while Iraq, the UAE, Kuwait and Algeria voluntarily reduce production by a total of almost 600,000 barrels per day in Q1 and Q2.

Nine out of 12 OPEC members participate in the OPEC+ agreement on crude output reduction as Iran, Libya and Venezuela are freed from cuts. In March, oil production decreased by 14,000 barrels per day to 809,000 barrels per day in Venezuela, by 2,000 barrels per day to 1.161 mln barrels per day in Libya, while Iran boosted production by 28,000 barrels per day to 3.188 mln barrels per day.

Overall all 12 OPEC nations increased oil production by 3,000 barrels per day in March to 26.571 mln barrels per day.

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