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Opec’s production in March rose to 31.07mn b/d, an almost 1mn b/d increase over a downwardly revised February total, according to MEES estimates. Iraq, which managed to recover from extremely low exports in February, ramped up its output by 430,000 b/d last month to 3.68mn b/d, the highest level since 1979.
Saudi Arabia boosted production to 10.1mn b/d on the back of sharply higher exports and record refinery runs. Rising Libyan output, which has defied expectations given the ongoing violence in the divided country, also contributed to the overall increase in Opec’s output. Excluding Iraq, the Opec-11 produced 27.39mn b/d in March, from a downwardly revised 26.84mn b/d in February.
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