Reuters: OPEC's oil production falls to its lowest level since 2015

OPEC's oil production in March 2019 fell to its lowest level since February 2015, when Saudi Arabia cut more than what had been pledged during the production cut agreement and Venezuela continued to fight among US sanctions and a major blackout, showed the monthly Reuters survey. on Monday.

The total production of all 14 OPEC members stood at 30.4 million bpd last year, down by 280,000 bpd compared to February and the lowest level of OPEC production since February four years ago, according to the survey.

Production in March struck the previous four-year low record of the cartel's oil production from February 2019. According to Reuters last year, OPEC's oil production fell by 300,000 bpd in February compared to January to stand at 30.68 bpd.

Figures in the March survey indicate that Saudi Arabia continues to survive in its share of cuts, as promised several times since the new OPEC + agreement began in January 201[ads1]9.

Under OPEC / -OPEC The deal totaling 1.2 million bpd cuts between January and June, Saudi Arabia's share is a cut of 322,000 bpd from the October level of 10,633 million, to reduce production to 10,311 million bpd.

The degree of compliance of eleven OPEC members who are bound by covenants – with Iran, Venezuela and Libya except – also suggests that Saudis and their Arab golf partners reinforce the cuts.

The eleven OPEC members with quotas had a total compliance rate of 135 percent in March, rising from 101 percent in February, according to the Reuters survey, which tracked supply to the market and based on shipping data and information from sources of oil companies, consulting firms and OPEC.

The survey gave no figures for Saudi production, but estimated that Venezuela was exempt – according to US sanctions and suffering from a major power bleeding in March – saw its oil production fall in March by 150,000 bpd in March compared to February.

By Tsvetana Paraskova for Oilprice.com

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