Opec crude oil output came in at 26.55mn b/d for March, down a modest 40,000 b/d on February for a Q1 average of 26.49mn b/d, matching 3Q23 as the lowest quarterly figure since 3Q21 when the producer alliance was still in the process of unwinding deep Covid-era cuts.

The reduced supply came as ‘voluntary cuts’ from key producers entered effect from January. These were agreed in November (MEES, 1 December 2023) and last month extended to June (MEES, 8 March). (CONTINUED - 1091 WORDS)