The Organization of the Petroleum Exporting Countries’ (OPEC) oil production tumbled 90,000 barrels per day (bpd) month-on-month to 32.19 million bpd in March, the lowest level in 11 months.

 

The March total is the lowest since April 2017, a survey conducted by Reuters showed. 

 

The fall came on the back of declining supply from Angola, which exported 48 cargoes, two fewer than in the same month of 2017, along with Libyan outages and a further slide in Venezuelan output.

 

Compliance by producers to OPEC's deal rose to 159 percent of agreed cuts in March from 154 percent in the previous month, the survey found.

 

The oil cartel has an implied production target for 2018 of 32.73 million bpd, based on cutbacks detailed in late 2016.

 

OPEC pumped about 540,000 bpd below this implied target in March, not least because of the involuntary decline in Venezuela.

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