BAKU, Azerbaijan, April 17. OPEC+ oil production by 2023-end is expected to decrease by 1.4 mb/d, Trend reports citing the latest oil market outlook from the International Energy Agency (IEA).
According to the report, in March 2023, the output from the bloc dropped by 80,000 b/d to 44.17 mb/d (44.55 mb/d in February), due to considerable decline in production from Russia, as well as Angola.
"Supply from OPEC countries decreased by 140,000 b/d to 29.09 mb/d, while volumes from non-OPEC nations dropped by 240,000 b/d to 15.08 mb/d. The bloc’s effective spare capacity, excluding volumes of crude oil shut in by sanctions in Iran and Russia, stood at 3.7 mb/d in March, with Saudi Arabia and the UAE holding roughly 70 percent of it," the report said.
At the same time, the production from the 19 members subject to quotas fell by 460,000 b/d to 37.94 mb/d in March, which led to widening the gap between the bloc’s supply and official targets to 2.2 mb/d versus 1.7 mb/d in February.
"A meeting of the OPEC+ joint ministerial monitoring committee on 3 April – widely expected to see no change in output policy – instead noted the previous day’s voluntary cuts that required no ratification by the broader group," the report added.
Thus, among OPEC producers, Saudi Arabia will cut 500,000 b/d, Iraq - 211,000 b/d, the UAE - 144,000 b/d, Kuwait - 128,000 b/d, Algeria - 48,000 b/d and Gabon - 8,000 b/d. Cuts by non-OPEC members were promised by Kazakhstan (78,000 b/d) and Oman (40,000 b/d). Russia will extend its previously announced 500,000 b/d reduction.
