OPEC oil production plunged in March to its lowest level since the height of the COVID-19 pandemic in June 2020, a Reuters survey showed, as the U.S.-Israeli war against Iran effectively shut the Strait of Hormuz and forced export cuts.
Crude output from members of the Organization of the Petroleum Exporting Countries fell by 7.3 million barrels per day from the previous month to 21.57 million bpd, according to the survey, driven by reductions in Kuwait, Iraq, Saudi Arabia and the United Arab Emirates.
Only two OPEC members—Venezuela and Nigeria—increased production during the month, the survey found.
