IEA Sees Fall in 1Q OPEC Production

A decline in OPEC crude production to sub-quota levels in February and March was matched by a rise in the stockdraw by companies in the OECD countries from 1.5mn b/d in February to 2.5mn b/d in March, according to the April issue of the monthly Oil Market Report (OMR) by the International Energy Agency (IEA).

The IEA now estimates first quarter OPEC crude output at 15.8mn b/d - 16.5mn b/d in January, 15.6mn b/d in February, and 15.4mn b/d in...