OPEC March oil output sinks to four-year low on Saudi cuts, blackouts in Venezuela GlobeBusiness
OPEC oil supply sank to a four-year low in March, a Reuters survey found, as top exporter Saudi Arabia over-delivered on the group’s supply cut pact while Venezuelan output posted a further drop due to sanctions and power outages.
The survey suggests that Saudi Arabia and its Gulf allies are pressing ahead with even larger supply cuts than called for by OPEC’s latest deal, shrugging off pressure from U.S. President Donald Trump to increase supply. On Thursday, Trump again called for OPEC to pump more oil to lower prices.Crude oil is trading above $68 a barrel, close to a 2019 high, boosted by the Saudi move and involuntary supply curbs in Venezuela and Iran which are both under U.S.
In March, the 11 OPEC members bound by the new agreement achieved 135 per cent of pledged cuts, the survey found, up from 101 per cent in February. The latest OPEC+ deal came just months after the group agreed to pump more oil, which in turn partially unwound their original supply-limiting accord that took effect in 2017.
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