MOSCOW: Oil production by OPEC+ countries participating in the output reduction agreement fell by 8.14 mln barrels per day (mbd) in March ...
MOSCOW: Oil production by OPEC+ countries participating in the output reduction agreement fell by 8.14 mln barrels per day (mbd) in March 2026, significantly behind planned targets, the International Energy Agency (IEA) reported.
According to the report, the targeted level for eight OPEC+ countries within the agreement in March stood at 35.98 mbd, while real production reached 28 mbd, which brings the volume behind the plan to about 7.98 mbd.
Production by all OPEC+ countries fell by 8.13 mbd last month to 35.24 mbd.
In March, Kazakhstan’s production was 930,000 barrels per day (bpd) higher than the target, while Oman’s output was 40,000 bpd above the target.
Meanwhile, Iraq’s production decreased by 2.99 mbd and was 2.59 mbd below the quota. The UAE’s output fell by 1.26 mbd and was 1.02 mbd below the target. Saudi Arabia’s production went down by 3.15 mbd and was 2.85 mbd below the quota. Kuwait’s output decreased by 1.35 mbd and was 1.39 mbd below the quota. Algeria’s production fell by 10,000 bpd and was 10,000 bpd below the target.
Russia’s production grew by 290,000 bpd, but remained 610,000 bpd below the target level.
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