Venezuelan crude oil production drops to less than 1 million barrels a day: Reuters
Venezuela's oil output in March fell 150,000 barrels a day to less than 1 million bpd, hit by US sanctions and power cuts, according to a Reuters poll of the Organization of the Petroleum Exporting Countries. (OPEC)
Venezuelan pumping of 900,000 barrels per day is the lowest since January 2003, when a strike hit state oil producer PDVSA and reduced output to 630,000 barrels per day, according to data from the Energy Information Administration. ).
OPEC's total oil supply sank in March, reaching the lowest level in four years due to lower production in Venezuela and because Saudi Arabia exceeded the group's production reduction target.
The 14 member countries of OPEC pumped 30.40 million barrels per day (bpd) last month, down 280,000 bpd from February and the lowest volume since February 2015, according to the Reuters poll.
OPEC, Russia and other non-member countries, an alliance known as OPEC +, reached an agreement in December to reduce oil supplies by 1.2 million bpd from Jan. 1.
OPEC's share of the cut in production is 800,000 bpd, out of 11 members, because Iran, Libya and Venezuela are exempt.