OPEC production is declining due to oil outages in the Kurdistan region

A Reuters survey showed, on Saturday, that OPEC oil production decreased last March, due to the maintenance of oil fields in Angola and the suspension of some Iraqi exports, which increases the impact of the commitment of major producers to reduce supplies.

The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.90 million bpd last month, down 70,000 bpd from February.

The Organization of the Petroleum Exporting Countries and its allies, "OPEC Plus", had agreed to cut production in late 2022 to support the market with the deterioration of the economic outlook and weak prices.

According to Reuters, it is expected that the meeting of senior “OPEC +” ministers next Monday will confirm the same current policy.

With setbacks in Iraq and Angola last month, compliance with the deal increased to 173% of the pledged cuts, according to a Reuters survey, from 169% in February.

The decline in Iraqi oil comes as a result of companies reducing their production in the Kurdistan region, after the export pipeline stopped last Saturday, but the rise in exports from southern Iraq limited the decline.

Turkey stopped pumping Iraqi oil through the port of Ceyhan last Saturday morning, after the decision of the International Arbitration Court in Paris, that Turkey violated the agreement with Iraq, through its direct oil trade with the Kurdistan Regional Government since 2013.

Source: National Iraqi News Agency