Vienna: OPEC+ in March increased their oil production by 50,000 barrels per day from February to 34.78 million barrels per day (bpd), exceeding agreed levels by 1.12 million bpd, according to the International Energy Agency’s (IEA) report published on Tuesday.
According to Namibia Press Agency, OPEC+ states produced 34.78 million bpd in March, surpassing the February level of 34.74 million bpd and exceeding the agreed production level of 33.66 million bpd by 1.12 million bpd.
The report noted that the new May quotas are set to increase by 750,000 barrels per day compared to March targets, which include March compensation cuts. However, this increase remains below the current production levels for the group. The IEA estimates that the actual growth may be as low as 225,000 barrels per day, as only Saudi Arabia has the capacity to raise production by 190,000 barrels per day from current levels. Algeria, Russia, and Oman together have less than a 40,000 barrels per day gap to fill according to the agreement.