Reduction of OPEC oil supply to the market in March

The Organization of Petroleum Exporting Countries known as OPEC is the world’s largest oil cartel, which plays an important role in regulating the price of black gold in the energy market. This issue makes reports about the amount of supply of this oil cartel more important for investors.

According to the Reuters news agency, new reports indicate that OPEC oil production has decreased in March due to the decrease in the supply of countries such as Iraq and Nigeria.

Based on this, OPEC’s crude oil supply to the market in March averaged 26,420,000 barrels per day, which is a decrease of 50,000 barrels per day compared to February.

The largest decrease in supply among the oil exporting countries in March was related to Iraq and Nigeria. Iraq sold 130,000 barrels of oil per day less than in February. Other OPEC member countries, including Saudi Arabia, Kuwait, and the United Arab Emirates, had produced oil close to their obligations under the supply reduction agreement during March.

The member countries of the OPEC+ oil cartel, which includes Russia, during the agreement they reached in January, demanded a further reduction in the supply to the market to regulate the price of black gold in the global market.

The energy ministers of the OPEC+ oil cartel countries are scheduled to meet again on Wednesday this week, but no decision is expected to be made to further reduce the supply to the market.