Bloomberg: OPEC countries cut output by 200,000 b/d in March

Baku. 4 April. REPORT.AZ/ Organization of the Petroleum Exporting Countries (OPEC) reduced daily oil output to 32.095 mln barrels after 200,000 b/d or 0.62% production cut in March.

Report informs referring to Bloomberg, the report prepared based on data collected from representatives of oil companies and energy sector analysts.

According to report, Nigeria and Libya feature major reduction. These countries cut 130,000 and 80,000 barrels of daily output respectively. This is reportedly a temporary reduction caused by internal political issues.

Saudi Arabia in return raised daily oil production for 70,000 barrels in March. Notably, this increase doesn’t mean abuse of its obligations as this country managed to overfulfil its quota in previous months.