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OPEC+ countries cut oil production by 7.6 mln bpd in March

OPEC+ countries produced 29.755 mln bpd without Libya, Iran and Venezuela exempted from deal performance, the Organization of Petroleum Exporting Countries said

MOSCOW, April 13. /TASS/. OPEC+ countries participating in the oil production limiting agreement reduced their production by 7.593 mln barrels per day (bpd) in March and were producing 7.519 mln bpd below the target subject to voluntary cuts and compensations, the Organization of Petroleum Exporting Countries (OPEC) said in its report.

OPEC+ countries produced 29.755 mln bpd without Libya, Iran and Venezuela exempted from deal performance, OPEC said.

Oil production in the alliance was therefore 7.519 mln bpd below the target.

Among the leading eight countries in OPEC+, production was below the target by 407,000 bpd for Russia, 2.231 mln bpd for Iraq, 1.341 mln bpd for the UAE, 2.304 mln bpd for Saudi Arabia, 1.367 mln bpd for Kuwait, and 12,000 bpd for Oman. Kazakhstan and Algeria were producing above the target by 783,000 bpd and 2,000 bpd respectively.

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Xi Jinping and Lavrov hold meeting in Beijing

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