OPEC oil production fell during March 2024, driven by lower exports from Iraq and Nigeria.
This is due to several factors, the most important of which are the voluntary production cuts agreed upon by OPEC+ members, the decline in exports from Iraq and Nigeria, in addition to OPEC+’s commitment to market stability. As production cuts were extended until the end of June, and the major Gulf producers (Saudi Arabia, Kuwait, and the Emirates) committed to production targets.

According to the latest Reuters poll, OPEC pumped 26.42 million barrels per day last month, a decrease of 50,000 barrels per day from February.

Iran has seen a slight decline in production, with it remaining close to its highest level in five years, and despite ongoing US sanctions, Iran has maintained strong production levels; Which contributed to the overall supply dynamics of OPEC, while Libya supplied production with 20 thousand barrels per day after production returned to normal.

We note that the goals of reducing production by only 81% were achieved, in addition to no changes in OPEC+ policy expected until June 1.

OPEC's production decline in March shows the group's commitment to stabilizing oil markets amid economic uncertainty. While some countries are playing a major role in reducing production, others such as Iran and Libya are making exceptions, and the current OPEC+ policy is likely to continue until June, with market conditions monitored. And organ production levels.