According to the latest survey by Platts, oil production from the OPEC plunged 550,000 b/d from February to 29.56 million b/d in March, its lowest level since mid-2011. The decline followed February production of 30.11 million b/d and was mainly attributable to insurgent attacks, which shut a key export pipeline in Iraq, and a renewed downward swing in Libyan production. Saudi Arabia also reduced output because of lower refining demand due to maintenance. The survey showed the kingdom’s output at 9.6 million b/d, down from 9.7 million b/d in February and the lowest level since June last year, when the kingdom’s output was estimated at 9.65 million b/d. Together, Saudi Arabia, Iraq and Libya accounted for 440,000 b/d of the overall drop, the Platts report said.
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