Reuters Survey Shows OPEC Output Down 110,000 Bpd in March

A Reuters survey on Monday showed OPEC oil output falling in March, driven primarily by drops in supply from Nigeria, Iran and Venezuela.  OPEC pumped 26.63 million barrels per day in March, or 110,000 bpd less than February, according to the survey.  Nigeria, Iran, and Venezuela each saw a drop in March output of 50,000 bpd.

  Nigeria is still pumping just above its OPEC quota, but in March, the country reduced supply to its new Dangote refinery. With respect to Iran, February’s output was a record high not seen in six years,…