OPEC raised its oil production by just 57,000 barrels per day (bpd) in March from February, as African members’ struggles to pump more crude partially offset increases at the core OPEC members of the Middle East. All 13 OPEC members—including Libya, Iran, and Venezuela which are exempted from the OPEC+ deal—pumped 28.56 million bpd in March, up by just 57,000 bpd from February, according to secondary sources in OPEC’s Monthly Oil Market Report (MOMR) published on Tuesday. Crude oil output increased mainly in the three Arab Gulf producers—Saudi Arabia, Kuwait, and the UAE, while production in Libya, Nigeria, and Congo declined. Saudi Arabia raised its production by 54,000 bpd to 10.262 million bpd in March, according to OPEC’s secondary sources. That compares with 10.331 million bpd quota for Saudi Arabia for March per the OPEC+ deal. The Saudis self-reported March crude oil production of 10.300 million bpd, OPEC said […]