The OPEC Monthly Oil Market Report is out with OPEC crude only production numbers for March 2015. OPEC production was up 812,000 barrels per day. The increase came primarily from three countries: Saudi Arabia Saudi Arabia was up 347,000 barrels per day to 10,010,000 bpd. Iraq was up 319,000 bpd to 3,625,000 barrels per day. And Libya was up 165,000 bpd to 473,000 bpd. Iran Zero This is Iran zero based in order to show exactly how much sanctions have affected them. Iran was producing about 3.75 million bpd before sanctions. Then when sanctions the UN resolution for sanctions was passed in 2010, but before they were enforced, production began to drop, but very slightly. It was not until late 2011 and early 2012 before production began to fall rather steeply. Iranian crude only production is now around 2.75 million bpd, down about 1 million bpd, or 27 percent […]