The Organization of Petroleum Exporting Countries (OPEC’s) crude oil production remained steady, even as some of their members stalled on delivering agreed cutbacks. OPECs delivered 26.86 million barrels of crude a day in March, which is hardly any change from the previous month, according to the survey conducted by Bloomberg.  OPEC has entered into the new accord which is aimed at shoring up oil prices by reducing output, several OPEC nations like Saudi Arabia and Kuwait are abiding the deal.  However, some others are not. Iraq, the United Arab Emirates, and Gabon are collectively pumping several hundred thousand barrels a day above their agreed quotas. Key members in the wider OPEC+ coalition are showing a mixed performance. Russia has belatedly implemented crude oil production cuts promised a year ago, but its delivery of export reductions agreed for this year is less clear. While shipments of fuels like diesel have fallen, this may be linked to Ukrainian drone strikes on Russian refineries.

Leave a Reply

Your email address will not be published. Required fields are marked *

AlphaOmega Captcha Classica  –  Enter Security Code
     
 

*