Survey: OPEC oil production in March experiences the largest decline in decades

ME News Report, April 7 (UTC+8), due to the Middle East conflict suppressing exports from major member countries, OPEC’s crude oil production in March experienced the largest decline in at least forty years.
The survey shows that OPEC’s daily output plummeted by 7.56 million barrels (about 25%), to 22 million barrels.
Data compiled by institutions since 1989 indicates that the March production drop was the largest single-month decrease ever recorded.
This decline (measured in barrels) also exceeded the Arab oil embargo of 1973.
According to Daniel Yergin’s “The Oil Game,” from October to December of that year, the market experienced an overall loss of 5 million barrels per day, though that impact occurred in a much smaller global market.
The survey shows that among OPEC member countries, Iraq, which is most dependent on the Strait of Hormuz, saw the largest decrease in production, with daily output down by 2.76 million barrels to 1.63 million barrels.
Losses in Saudi Arabia and the UAE followed, benefiting from their ability to partially divert exports through alternative oil pipelines.
Saudi Arabia’s daily output decreased by 2.07 million barrels to 8.36 million barrels, while the UAE’s output decreased by 1.44 million barrels to 2.16 million barrels.
Although Saudi Arabia can export via the Red Sea, oil tanker tracking shows that Saudi exports in March decreased by about 50%.
(Golden Ten) (Source: ODaily)