According to secondary sources, total OPEC-14 preliminary crude oil production averaged 30.02 million barrels per day in March, a decrease of 534,000 barrels per day over the previous month, Trend reports with reference to OPEC Monthly Oil Market Report.
Crude oil output decreased mostly in Saudi Arabia, Venezuela, Iraq, and Iran, while production increased in Libya, Congo and Nigeria, reads the report.
The cartel said that the share of OPEC crude oil in total global production declined by 0.5 percent to 30.2 percent in March 2019 compared with the previous month.
Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC natural gas liquids and non-conventional oil, while estimates for OPEC crude production are based on secondary sources, said OPEC.
OPEC and its partners decided to extend its production cuts till the end of 2018 in Vienna on November 30, as the oil cartel and its allies step up their attempt to end a three-year supply glut that has savaged crude prices and the global energy industry.
The 5th OPEC and non-OPEC Ministerial Meeting was held in Vienna, Austria, on December 7, 2018.
The meeting participants decided to adjust the overall production by 1.2 million barrels per day, effective as of January 2019 for an initial period of six months. The contributions from OPEC and the voluntary contributions from non-OPEC participating countries of the ‘Declaration of Cooperation’ will correspond to 0.8 million barrels per day (2.5 percent), and 0.4 million barrels per day (2 percent), respectively.
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