The bulk of the cuts were shouldered by Saudi Arabia — the de-facto head of OPEC and the world’s largest exporter of crude — which reduced output by 324,000...
OPEC’s oil production fell significantly in March on the back of Saudi Arabia-led output curbs and outages in Venezuela resulting from political and economic unrest.
In its closely-watched monthly oil market report, the Organization of the Petroleum Exporting Countries said its crude-oil output had fallen by 534,000 barrels a day month-on-month, to average 30.02 million barrels a day in March, according to secondary sources.The bulk of the cuts were shouldered by Saudi Arabia — the de-facto head of OPEC and the world’s largest exporter of crude — which reduced output by 324,000 barrels a day.
Venezuela, a key member of OPEC whose oil industry has been under U.S. sanctions since the start of the year, saw output decline by 289,000 barrels a day, according to the report.Patagonia triggers a market panic over new rules on its power vestsWant news about Europe delivered to your inbox? Subscribe to MarketWatch's free Europe Daily newsletter. Sign up here.
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