A large increase in Iranian oil production pushed overall OPEC oil output higher in March compared to February, the monthly Reuters survey found on Wednesday, suggesting that higher supply from members exempt from the OPEC+ cuts could spoil the cartel’s efforts to rebalance the market. OPEC’s crude oil production increased by 180,000 barrels per day (bpd) from February to stand at 25.07 million bpd in March, according to the Reuters survey of OPEC sources, sources at oil firms, and tanker-tracking data. The biggest contributor to the higher OPEC production this month was Iran, whose supply increased by 210,000 bpd to 2.3 million bpd, offsetting cuts from other OPEC members. Iran’s production rise was also the single-largest jump in production among OPEC members. The second-biggest increase came from OPEC’s second-biggest producer, Iraq, which boosted production by 40,000 bpd, according to the Reuters survey. Libya and Venezuela, the other two OPEC […]