The Organization of Petroleum Exporting Countries’ (OPEC) crude oil production decreased by 78,000 barrels per day (bpd), or by 0.29%, in March to average 26.77 million bpd, according to OPEC’s monthly oil market report released on Monday.
In March, crude oil output fell the most in Iraq and Nigeria. Output in Iraq declined by 34,000 bpd to 3.98 million bpd and production in Nigeria fell by 25,000 bpd to 1.51 million bpd.
The largest increases in production were recorded in Kuwait and Saudi Arabia with output rising by 9,000 bpd and 4,000 bpd, respectively.
Daily crude oil production from the OPEC+ group, which consists of OPEC members and some non-OPEC producing countries, decreased by 37,000 bpd to 41.02 million bpd in March.
– Global oil demand forecast for 2025 revised down
OPEC revised down its global oil demand growth forecast compared to the previous month’s assessment.
According to the report, world oil demand is expected to increase by 1.3 million bpd, to reach 105.05 million bpd this year.
In 2025, oil demand in the OECD is projected to grow only by 40,000 bpd to 45.74 million bpd, while in the non-OECD, oil demand growth is forecast to rise by around 1.25 million bpd to 59.31 million bpd.
