Crude-oil prices have been rising sharply in international markets as OPEC is committed to rebalancing the crude oil market. The latest update shows that OPEC’s crude-oil production in March further declined to 30.02 million barrels a day, from 30.56 million b/d the previous month.
A steep decline in production from Saudi Arabia, Venezuela and Iraq led to rise. Saudi Arabia has signaled that it is determined to do whatever it takes to rebalance the market. The country has cut production by more than it agreed to under the pact.
Venezuela’s crude-oil production continues to fall due to US sanctions and a string of blackouts. The IEA says that Venezuela’s crude-oil output has fallen to 870,000 b/d. Read More
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