OPEC+ exceeds March production plan by 100,000 bpd, Iraq by 100,000 bpd, Kazakhstan by 400,000 bpd - OPEC data
MOSCOW. April 14 (Interfax) - Countries participating in the OPEC+ agreement reduced oil production by 24,000 barrels per day in March compared to February, but this was 102,000 bpd higher than agreed levels, taking into account the need to compensate for previous over-production.
According to OPEC data, output by OPEC countries participating in the OPEC+ agreement fell by 65,000 bpd in March to 21.27 million bpd, but was 166,000 bpd higher than planned. Iraq exceeded its obligations by almost 100,000 bpd, producing 3.98 million bpd - it reduced output 34,000 bpd compared to February, but had to compensate for 116,000 bpd of previous over-production. Nigeria, which has been producing below its permitted level for over a year, also exceeded its quota for the first time, by 15,000 bpd. The UAE reduced production by 20,000 bpd, but exceeded its commitments by 20,000 bpd.
Kazakhstan had the worst compliance among OPEC+ countries that are not OPEC members: it increased production by 37,000 bpd to 1.85 million bpd and was 422,000 bpd above the agreed level. Earlier, the Energy Ministry said Kazakhstan produced more than its quota in March, but promised to hold talks with the country's oil companies and fulfill its commitments in April.
Russia reduced production by 10,000 bpd in March to 8.96 million bpd, but was 10,000 bpd above its commitments.
Production by country, thousand bpd:
Country Actual output, February 2025 Actual output, March 2025 Change, Feb/Mar Required output, March 2025 Discrepancy Algeria 913 912 -2 908 4 Congo 258 259 1 277 -18 Equatorial Guinea 60 61 2 70 -9 Gabon 223 222 -1 177 45 Iraq 4014 3981 -34 3884 97 Kuwait 2414 2423 9 2413 10 Nigeria 1540 1515 -25 1500 15 Saudi Arabia 8960 8964 4 8963 1 UAE 2953 2933 -21 2912 21 OPEC 21335 21270 -65 21104 166 Azerbaijan 475 473 -2 551 -78 Bahrain 184 187 3 196 -9 Brunei 85 86 2 83 3 Kazakhstan 1816 1852 37 1430 422 Malaysia 355 361 6 401 -40 Mexico 1463 1459 -4 1753 -294 Oman 755 757 2 754 3 Russia 8973 8963 -10 8953 10 Sudan 23 27 3 64 -37 South Sudan 74 80 5 124 -44 non-OPEC 14203 14245 41 14309 -64 OPEC+ 35538 35515 -24 35413 102 Compensation Iraq 116 Kuwait Saudi Arabia 15 UAE Kazakhstan 38 Oman 5 Russia 25 Compensation 199 Iran 3323 3335 12 Libya 1284 1262 -22 Venezuela 912 911 -1 OPEC+ (entire) 41057 41023 -35 OPEC (12 countries) 26854 26776 -78