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OPEC production decreased in March amid a decline in exports from Iraq and Nigeria
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Economy News - follow up
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Added 04/01/2024 - 8:04 PM
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Economy News - follow up
A survey published by Reuters showed, on Monday, that the Organization of the Petroleum Exporting Countries' OPEC oil production fell last March, reflecting a decline in exports from Iraq and Nigeria against the backdrop of ongoing voluntary supply cuts by some members agreed upon within the broader OPEC+ alliance.
The survey, which was based on navigation data and information from sources in the oil sector, showed that OPEC pumped 26.42 million barrels per day last month, a decrease of 50 thousand barrels per day from February.
Oil prices ended trading last March with an increase of more than 7%, as US crude contracts rose by 7.4% and Brent crude contracts rose by 7.15%.
Also, oil markets received support from positive indicators of the recovery of the Chinese economy, as monthly factory activity last month in China recorded growth for the first time in six months.
Also, oil markets received support from positive indicators of the recovery of the Chinese economy, as monthly factory activity last month in China recorded growth for the first time in six months.
Views 64
Added 04/01/2024 - 8:04 PM
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