Crude oil production from OPEC and its allies rose by 450,000 b/d in March, the latest S&P Global Platts survey found, as Russia and Iraq pumped well above their agreed caps, while quota-exempt members Iran and Libya also boosted output. In Libya’s case, its production hit an almost eight-year high. Receive daily email alerts, subscriber notes & personalize your experience. Register Now OPEC’s 13 members pumped 25.20 million b/d in March up 340,000 b/d from February, while their nine non-OPEC partners, led by Russia, produced 13.08 million b/d, a rise of 110,000 b/d, the survey found. With the production gains, OPEC+ compliance with its quotas slipped to 111% in March, compared with 113.5% in February, juiced by Saudi Arabia voluntarily cutting an additional 1 million b/d since January. Take away the extra Saudi cut, and OPEC+ compliance would drop to 97%, the lowest since August 2020, according […]