OPEC+ countries cut oil output by 113% of plan in March

The countries participating in the OPEC+ agreement produced 39.79 million barrels of oil per day (bpd) in March 2021, which is 0.27 million bpd more than in February, Report informs referring to the International Energy Agency (IEA).

The deal to cut production in March was executed by 113 percent compared to 112 percent a month earlier.

At the same time, OPEC countries fulfilled the agreement by 124 percent of the plan, reducing oil production to 21.02 million bpd, non-OPEC countries - by 93 percent, to 14.7 million bpd.

So, Saudi Arabia in March kept production at 8.12 million bpd, the same as in February. According to the IEA, Russia produced 9.33 million bpd in March, fulfilling the Vienna deal by 95 percent.