Sign in Subscribe
Petroleum industry

OPEC Crude Oil Production Plunges in March as Libyan Supply Disappears

Strategic Insights

— 2 min read

Production from OPEC countries, excluding Iraq, fell by 580,000 barrels per day (b/d) in March, despite higher volumes from several member states, according to a Platts survey of OPEC and oil industry officials and analysts. The loss of 930,000 b/d of Libyan supply was the main factor behind the decline, with Libyan production averaging around 460,000 b/d over March. Saudi Arabia and the United Arab Emirates increased their production, while Nigeria and Venezuela saw declines. The market is struggling to recover from the loss of Libyan crude, which is of high quality and essential for diesel production.

Key Takeaways:

  • OPEC crude oil production output fell by 580,000 b/d in March, excluding Iraq, to average 26.52 million b/d.
  • Libyan production, which had already fallen to 1.39 million b/d in February, was estimated to have averaged around 460,000 b/d over March.
  • Saudi Arabia pumped an average of 9 million b/d, a 300,000 b/d boost from February levels, with 3.5 million b/d of spare capacity.
  • The United Arab Emirates increased production by 100,000 b/d to an estimated 2.5 million b/d, while Kuwait boosted output by 70,000 b/d to 2.4 million b/d.
  • Nigeria and Iraq saw declines in production, with Nigeria's total volumes falling to 2 million b/d from 2.16 million b/d in February and Iraq's output falling by 50,000 b/d to 2.65 million b/d.
  • OPEC's notional output target for the 11 members bound by quotas is 24.845 million b/d, and the latest estimates show that the volume of overproduction has been reduced to 1.675 million b/d.

Statistics:

  • OPEC's crude oil production output fell by 580,000 b/d in March to average 26.52 million b/d.
  • Libyan production fell by 930,000 b/d to an average of 460,000 b/d over March.
  • Saudi Arabia's production increased by 300,000 b/d to an average of 9 million b/d.
  • The United Arab Emirates' production increased by 100,000 b/d to an average of 2.5 million b/d.

Sources:

  • Platts (www.platts.com)
  • "OPEC March production data" (Platts survey)
  • "Saudi Arabia boosts output to 9 million b/d" (Platts)
  • "UAE production increases by 100,000 b/d" (Platts)
  • "Nigeria's production falls to 2 million b/d" (Platts)
  • "Iraq's production falls by 50,000 b/d" (Platts)
  • "OPEC's notional output target" (Platts)

Read more