🔴 Reuters: OPEC Oil Production Falls to Covid Lows


A Reuters survey shows OPEC oil production in March dropped sharply to 21.57 million barrels per day (down 7.3 million), the lowest since June 2020.
The main reason is the conflict causing disruptions to exports through the Strait of Hormuz, forcing countries like Saudi Arabia, Iraq, Kuwait, and the UAE to cut production.
👉 Only Venezuela and Nigeria increased production, indicating that global supply is contracting significantly.
Production decline = supply decrease => Prices rise.
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