Middle East Economic Survey


No 16



OPEC Oil Output Bounces Higher In March As Iran Sells From Floating Storage

OPEC oil production jumped by 590,000 b/d in March to 30.63mn b/d, mostly due to a sharp increase in Iranian exports as crude held in floating storage was sold. OPEC-10 oil production in March was up by 440,000 b/d to 27.03mn b/d from 26.59mn b/d in February some 1.2mn b/d above the target output level designated under the output cuts agreed in Doha and Abuja,...