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OPEC: oil production fell in March

OPEC said Wednesday that oil supplies had kept falling in March as members of the organization have tightened the scope of cuts oil production in accordance with the previously agreed. This allowed to U.S. oil producers to enjoying a revival thanks to higher oil prices.

The agreement OPEC contributed to the increase oil prices approximately 20% following the announcement on November 30, last year on the maintenance of the reduction by Russia and 10 countries, which also pledged to cut production 558.000 barrels per day.

OPEC prepares monthly reports on the oil market. The organization said that in March, production fell by 153.000 barrels per day to an average of 31.93 million barrels a day.

The decrease was largely driven by lower production in the United Arab Emirates and Venezuela, respectively by 33.000 barrels per day and 26.000 barrels per day, which helped to reduce exports.

Libyan production fell in March by 61.000 barrels per day after trouble with the largest oil field Sharara, that was blocked.

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