Survey Shows OPEC Oil Production Reached Four-Year low
According to Reuters survey, OPEC oil production during March reached a record low in four years due to Saudi Arabia’s production cuts and Venezuela’s sanctions and power outages.
The survey showed that OPEC member-states produced in March 30.40 million bpd, 280,000 less than February production. Also, last month 11 of the 14 OPEC member-states achieved 135% of the pledged cuts, 34% more than February. The biggest cuts came from Riyadh which produced 220,000 bpd less than February.