OPEC Output Slides In March On Iraqi, African Outages

Production from OPEC’s 12 members again slipped below the 30mn b/d mark last month as supply disruptions in three of the producer group’s African members were compounded by further setbacks in Baghdad’s plans to lift output to a sustained 4mn b/d by end-2014.

Saudi Arabian output too was down sharply in March, with the onset of refining maintenance in Asia.

Overall, MEES estimates put total OPEC production at 29.69mn b/d for March, down by close to 900,000 b/d from an upwardly revised 30.57mn b/d in February (see table). This is the largest monthly fall since March 2011, when the civil war knocked 1.1mn b/d off Libyan output. (CONTINUED - 1068 WORDS)


table Opec Well-Head Prouction (Mn B/D, Mees Estimates)