OPEC oil output rises in March, led by #Iran - Reuters survey

OPEC oil output rises in March, led by Iran - Reuters survey

OPEC oil output has risen in March as higher supply from Iran countered reductions by other members under a pact with allies, a Reuters survey found, a headwind for its supply-limiting efforts if Tehran’s boost is sustained.

The 13-member Organization of the Petroleum Exporting Countries pumped 25.07 million barrels per day (bpd) in March, the survey found, up 180,000 bpd from February. Output has risen every month since June 2020 with the exception of February.

The rise in Iranian supply comes as OPEC and allies, known as OPEC+, have delayed unwinding more of their output cuts as the impact of the pandemic persists.

OPEC+ meets on Thursday and delegates expect most cuts will be kept.

“I can feel the cautious momentum,” one OPEC source said of Thursday’s meeting.

Oil topped $71 a barrel this month, the highest since before the pandemic, but has since fallen to about $64. A slow recovery in demand and rising Iranian exports have weighed on prices, analysts said.