OPEC/SAUDI ARABIA/IRAQ

Opec’s production in March rose to 31.07mn b/d, an almost 1mn b/d increase over a downwardly revised February total, according to MEES estimates. Iraq, which managed to recover from extremely low exports in February, ramped up its output by 430,000 b/d last month to 3.68mn b/d, the highest level since 1979.

Saudi Arabia boosted production to 10.1mn b/d on the back of sharply higher exports and record refinery runs. Rising Libyan output, which has defied...