• 2 days Shell Oil Trading Head Steps Down After 29 Years
  • 2 days Higher Oil Prices Reduce North American Oil Bankruptcies
  • 2 days Statoil To Boost Exploration Drilling Offshore Norway In 2018
  • 2 days $1.6 Billion Canadian-US Hydropower Project Approved
  • 2 days Venezuela Officially In Default
  • 2 days Iran Prepares To Export LNG To Boost Trade Relations
  • 2 days Keystone Pipeline Leaks 5,000 Barrels Into Farmland
  • 3 days Saudi Oil Minister: Markets Will Not Rebalance By March
  • 3 days Obscure Dutch Firm Wins Venezuelan Oil Block As Debt Tensions Mount
  • 3 days Rosneft Announces Completion Of World’s Longest Well
  • 3 days Ecuador Won’t Ask Exemption From OPEC Oil Production Cuts
  • 3 days Norway’s $1 Trillion Wealth Fund Proposes To Ditch Oil Stocks
  • 3 days Ecuador Seeks To Clear Schlumberger Debt By End-November
  • 3 days Santos Admits It Rejected $7.2B Takeover Bid
  • 4 days U.S. Senate Panel Votes To Open Alaskan Refuge To Drilling
  • 4 days Africa’s Richest Woman Fired From Sonangol
  • 4 days Oil And Gas M&A Deal Appetite Highest Since 2013
  • 4 days Russian Hackers Target British Energy Industry
  • 4 days Venezuela Signs $3.15B Debt Restructuring Deal With Russia
  • 4 days DOJ: Protestors Interfering With Pipeline Construction Will Be Prosecuted
  • 4 days Lower Oil Prices Benefit European Refiners
  • 4 days World’s Biggest Private Equity Firm Raises $1 Billion To Invest In Oil
  • 5 days Oil Prices Tank After API Reports Strong Build In Crude Inventories
  • 5 days Iraq Oil Revenue Not Enough For Sustainable Development
  • 5 days Sudan In Talks With Foreign Oil Firms To Boost Crude Production
  • 5 days Shell: Four Oil Platforms Shut In Gulf Of Mexico After Fire
  • 5 days OPEC To Recruit New Members To Fight Market Imbalance
  • 5 days Green Groups Want Norway’s Arctic Oil Drilling Licenses Canceled
  • 6 days Venezuelan Oil Output Drops To Lowest In 28 Years
  • 6 days Shale Production Rises By 80,000 BPD In Latest EIA Forecasts
  • 6 days GE Considers Selling Baker Hughes Assets
  • 6 days Eni To Address Barents Sea Regulatory Breaches By Dec 11
  • 6 days Saudi Aramco To Invest $300 Billion In Upstream Projects
  • 6 days Aramco To List Shares In Hong Kong ‘For Sure’
  • 6 days BP CEO Sees Venezuela As Oil’s Wildcard
  • 6 days Iran Denies Involvement In Bahrain Oil Pipeline Blast
  • 9 days The Oil Rig Drilling 10 Miles Under The Sea
  • 9 days Baghdad Agrees To Ship Kirkuk Oil To Iran
  • 9 days Another Group Joins Niger Delta Avengers’ Ceasefire Boycott
  • 9 days Italy Looks To Phase Out Coal-Fired Electricity By 2025
Alt Text

Is $60 Oil Too Tempting For OPEC?

As oil prices gradually increase…

Alt Text

Oil Prices Nosedive On Bearish IEA Report

Oil prices are cratering after…

Irina Slav

Irina Slav

Irina is a writer for the U.S.-based Divergente LLC consulting firm with over a decade of experience writing on the oil and gas industry.

More Info

OPEC’s Combined Oil Output Falls Further In March

OPEC

OPEC members pumped a combined 31.93 million barrels of crude daily last month, down 153,000 bpd from February, the group said in the latest edition of its Monthly Oil Market Report.

The group’s leader, Saudi Arabia, was said to have produced 9.9 million bpd in March, more than 100,000 bpd below its monthly quota assigned under the production cut deal. Sources from the Kingdom yesterday said that Riyadh is ready to discuss an extension to the agreement into the second half of the year, strengthening the oil price rally that began last week, after the U.S. airstrikes against Syrian army targets.

According to OPEC, crude oil supply from non-members this year will average 57.89 million bpd, thanks to growing output in the U.S. and modest declines in Colombia and China. The figure is 176,000 bpd higher than what OPEC expected the non-OPEC world to produce this year in its report for February.

In the U.S. alone, OPEC forecast that production will grow at an average rate of 540,000 bpd, up from last month’s forecast of a 340,000 bpd growth rate.

On the demand front, OPEC expects the world to need 96.32 million barrels daily, a growth rate of 1.27 million bpd. India and the “Other Asia” group of countries as designated by OPEC to exclude China, will lead this growth, while China will be second, followed by the Americas. Related: Is The Oil Price Rally Running Out Of Steam?

Demand for oil from OPEC is seen growing by 600,000 bpd from 2016, to 32.2 million barrels daily. This theoretically means that at March production figures OPEC members have achieved their goal of rebalancing the oil market. In reality, non-OPEC supply can quickly take OPEC’s place, so the cartel is not taking any chances and an extension of the cut deal is becoming more of a certainty than a mere probability.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment
  • Paul on April 13 2017 said:
    great job on the article. but you write Columbia rather than Colombia, it can be a mix up since there are many places with the name Columbia but just one country with the name Colombia.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News