Oil production from the Organization of the Petroleum
Exporting Countries fell by 170,000 barrels per day in March from a
month earlier to 30.25 million barrels per day, according to a Platts
survey of OPEC and oil industry officials and analysts released
Wednesday. Output from Saudi Arabia was at 9.2 million barrels per day
in March, unchanged from February, Platts said. Overall, the March
survey showed that OPECs oil production is running about 250,000 barrels
per day above the cartels 30 million barrel-per-day production ceiling.
OPECs next meeting is set for May 31 in Vienna. On Wednesday, the group
cut its oil demand forecast for this year.Source by Commodity Insights
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