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The gap between target levels and actual production of the OPEC+ group further widened in March to over 1.4 million barrels per day

OPEC raised its oil production by just 57,000 barrels per day (bpd) in March from February, as African members’ struggles to pump more crude partially offset increases at the core OPEC members of the Middle East

OPEC does not have the additional spare capacity to lift crude oil production much more than it is doing today according to Nigerias Petroleum Minister Sylva

OPEC’s second-largest producer, Iraq, produced just 4.15 million barrels per day (bpd) of crude oil in March, well below its quota under the OPEC+ agreement

The OPEC+ meeting has concluded that no change in production plans is needed, agreeing to lift the group’s production by another 432,000 barrels per day starting in May

The market is mostly assuming that OPEC+ will stick with its pre-planned production quota hike of 400,000 bpd

The OPEC+ group continues to severely underperform in its oil production levels compared to the target in the pact, with February output at more than 1 million barrels per day (bpd) below the collective quota

OPEC left on Tuesday its oil demand growth view unchanged but warned that Russia’s war in Ukraine and the spiraling inflation could this year impact oil consumption growth

The UAE has taken a step back from assurances it would encourage fellow OPEC members to boost their production above their agreed quotas to help rein in runaway oil prices

An S&P Global survey shows that OPEC+ has raised its production by most in 7-months in February