OPEC oil supply sank to a four-year low in March, a Reuters survey found, as top...
LONDON - 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-cutting pact while Venezuelan output fell further due to sanctions and power outages.
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. sanctions that limit their exports. In March, the 11 OPEC members bound by the new agreement achieved 135 percent of pledged cuts, the survey found, up from 101 percent in February and a high rate by OPEC standards.Among exempt producers, Venezuelan supply fell by 150,000 bpd as power cuts hit exports, adding to the impact of U.S. sanctions on state oil company PDVSA and a long-term decline in production.
Some sources in the survey put Venezuelan production in March as low as 650,000 bpd. Supply to the market did not fall this low, according to export data, which points to shipments of 800,000 bpd or more despite stoppages.
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