Survey: OPEC oil production in March drops the most in decades

Odaily Planet Daily News: Due to the Middle East conflict suppressing the exports of major member countries, OPEC's crude oil production in March experienced the largest decline in at least 40 years. According to the survey, OPEC's daily production plummeted by 7.56 million barrels (about 25%) to 22 million barrels. According to data compiled by institutions since 1989, the production in March experienced the largest single month decline. This decline (in barrels) also exceeded the 1973 Arab oil embargo. According to Daniel Yergin's book "The Great Oil Game," the market experienced an overall loss of 5 million barrels per day from October to December of that year, but the impact occurred in a much smaller global market. According to the survey, Iraq, which is most dependent on the Strait of Hormuz among OPEC member countries, experienced the largest decline in production, with a daily output decrease of 2.76 million barrels to 1.63 million barrels. The losses of Saudi Arabia and the United Arab Emirates are second, thanks to their ability to partially divert exports through alternative oil pipelines. Saudi Arabia's daily production decreased by 2.07 million barrels to 8.36 million barrels, while the UAE's daily production decreased by 1.44 million barrels to 2.16 million barrels. Although Saudi Arabia is able to export through the Red Sea, tanker tracking shows that Saudi Arabia's export volume decreased by about 50% in March. (Golden Ten)