The Organisation of Petroleum Exporting Countries (Opec) in March saw output fall for the first time in a year as a large drop in Iraqi production outweighed a small increase by quota-bound members, a survey by Dow Jones Newswires showed yesterday.
The survey, which is based on input from oil traders, analysts and industry sources, estimates that output by all 12 group members fell by 0.77 per cent or 227,000 barrels a day last month to 29.235 million barrels.
The drop came on the back of a 267,000-barrel-a-day slump in Iraq to 2.3 million barrels. The drop cancelled out a 40,000-barrel-a-day, or 0.15 per cent, output increase by Opec’s 11 quota-bound members in March to 26.935 million barrels a day, the survey shows.
Quota-bound members in March pumped about 2.09 million barrels a day above their target of 24.845 million barrels a day set in late 2008 after three production cuts, according to the survey.
( Dow Jones )