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NEWS

The UAE also increased production by 96,000 bpd quarter over quarter. Iraq represented the fifth-largest increase at 64,000 bpd, while it was supposed to be producing under its quota to make up for previous overages as spelled out in the production cut agreement.

Thankfully for OPEC, swing producer Saudi Arabia produced an average of 522,000 barrels per day less in Q1 2021 compared to Q4 2020.

For the month of March, Iran, Angola, Iraq, and Libya saw the largest increase in crude production, while Saudi Arabia was, again, saw the largest decrease, bringing its March production to 8.090 million bpd. Overall, OPEC’s March production was 201,000 bpd higher than February, at 25.042 million bpd.

This compares to an average 25.645 million bpd across all of 2020.

OPEC’s production is expected to increase in the coming months after the last OPEC+ meeting agreed to ease up on the production cut quotas. In the first tranche of increases, an additional 500,000 bpd is expected—half from OPEC+ and half from Saudi Arabia’s voluntary cuts. Saudi Arabia, however, has signaled to the market that the group will be flexible with its production quotas to meet demand, wherever it may be.