S&P Survey: OPEC+ March Output Hits Eight-Month High

Jin10 data reported on April 11th that the S&P Global Commodity Insights survey shows that amid global trade tensions and OPEC's plan to gradually increase quotas in the second quarter, OPEC+ production reached an eight-month high in March. The production in March rose by 30,000 barrels per day month-on-month, reaching 41.04 million barrels per day. This increase is significantly smaller than February, when production surged by 440,000 barrels per day month-on-month. In addition, OPEC reduced its daily production by 10,000 barrels in March to 26.84 million barrels. Non-OPEC member countries increased their production by 40,000 barrels per day, reaching 14.17 million barrels per day. The survey indicates that OPEC+ quota-producing countries' production in March was 319,000 barrels per day above the target, while February's production was 294,000 barrels per day above the target.