OPEC's output fell by 534,000 barrels per day in March to just over 30 million bpd, the lowest since February 2015.
Oil supplies from OPEC sank by half a million barrels in March, hitting a four-year low, as Saudi Arabia continues to slash output and Venezuela's production plunged amid ongoing economic crisis.
OPEC's output fell by 534,000 bpd in March to 30.02 million bpd, according to independent sources cited by the group in its monthly report. This year, supply from the group has fallen by more than 1.5 million bpd, helping to drive international Brent crude prices 30 percent higher. Saudi output has now fallen by about 1.3 million bpd from its all-time high at 11.1 million bpd in November, when the kingdom surged production to offset U.S. energy sanctions on OPEC-member Iran.
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