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Opec-Plus: March Output Surpasses Target, Compensation Updated

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Crude oil production by Opec-plus amounted to 40.95 million barrels per day in March, a fall of 360,000 b/d versus February led by declines in Libya and Iraq. For the first quarter of 2025, crude output by all 22 members of Opec-plus was 40.97 million b/d, a decrease of 110,000 b/d year on year. Output by the 18 members adhering to quotas was 34.12 million b/d, or 110,000 b/d less than the previous month, according to ʶԳ’s assessment. Nevertheless, the 18 surged 460,000 b/d beyond their March target, the second month in a row of lax compliance, forcing the compilation of an updated plan for compensating overproduction.

Topics:
Opec-Plus Supply, Oil Supply, Crude Oil, Oil Prices, Opec/Opec-Plus
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