Khaberni - A Reuters survey showed that oil production from the Organization of the Petroleum Exporting Countries (OPEC) decreased in March to its lowest level since the peak of the COVID-19 pandemic in June 2020, due to the actual closure of the Strait of Hormuz because of the American-Israeli war on Iran which forced the member countries to reduce their exports.
The survey indicated that crude production from the member countries decreased in March by 7.3 million barrels per day on a monthly basis, reaching 21.57 million barrels per day, indicating that this was mainly due to production cuts in Kuwait, Iraq, Saudi Arabia, and the UAE.
The OPEC+ alliance agreed to keep production steady in the first quarter of 2026 and resume increasing supplies in April.
The eight members who previously increased production are scheduled to meet on the fifth of April.
Analysts at "Energy Aspects" predicted in a report released on March 16 that OPEC's crude oil production would decrease this month by seven million barrels per day to 22.2 million barrels per day due to shipping disruptions.
Iraq saw the largest decrease in the group's production, with an average production of 1.4 million barrels per day in March after recording 4.15 million barrels per day in February. Saudi Arabia and the UAE made smaller cuts, as both countries have export routes that bypass the Strait of Hormuz.
The survey found that only two countries in OPEC, Venezuela and Nigeria, increased their production during the month.
OPEC's production in March is the lowest since June 2020, when the same member countries of OPEC, numbering 12 countries, pumped 21.38 million barrels per day. This level was reached after the OPEC+ alliance agreed on a record production cut of 9.7 million barrels per day in response to the collapse in demand caused by the pandemic.
Two sources in the survey said that March production might be revised downward for some countries affected by the closure of the Strait of Hormuz.
The survey is based on oil flow data from the London Stock Exchange group and information from other companies specializing in tracking oil flows such as Kepler, as well as information from sources in oil companies, OPEC organization, and consulting experts.
