OPEC Output Plunges by 7 Million Bpd as War Chokes Supply
Crude oil production by OPEC members dropped by 7.2 million barrels daily last month, according to a Reuters survey using data from platform LSEG and analytics information providers, including Kpler, the publication reported. The biggest production cuts were made by Kuwait, Iraq, the United Arab Emirates, and Saudi Arabia, for a total OPEC output of 21.57 million barrels daily for March. This is the lowest OPEC production rate since June 2020, Reuters noted in its report. Venezuela and Nigeria were the only OPEC members that saw their oil production…