Lower exports from both Iraq and Nigeria, in combination with continuing voluntary supply cuts have resulted in reduced oil production for OPEC in March, according to a Reuters survey published on Monday. Based on the survey data, OPEC output for March was at 26.42 million barrels per day on average, compared to 50,000 bpd for February. OPEC+, the expanded cartel including Russia, agreed in early March to prolong voluntary oil output cuts from the first quarter into the second quarter of this year. The initial cuts of 2.2 million barrels…
