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April 11, 2016

OPEC’s crude oil production increased in March, says survey

Crude oil production of the Organisation of the Petroleum Exporting Countries (OPEC) has increased to 32.38 million barrels per day (Mbpd) in March, gaining 40,000bpd from February, according to a new Platts survey.

Crude oil production of the Organisation of the Petroleum Exporting Countries (OPEC) has increased to 32.38 million barrels per day (Mbpd) in March, gaining 40,000bpd from February, according to a new Platts survey.

The survey of OPEC and oil industry officials showed that the boost in production was largely driven by Iran increasing its production by 110,000bpd, when compared with production rates in the UAE Libya, Nigeria and Venezuela.

The report coincides with Iran’s plans to increase production up to 4Mbpd in the new Iranian year, which started on 20 March.

Saudi Arabia maintained its production at rate of 10.2Mbpd for the third consecutive month, the report states.

"Neither Iran nor Iraq has made firm commitments to the Doha talks on 17 April."

Meanwhile, Angola produced a further 30,000bpd to reach 1.80Mbpd in March, which is its highest production since December 2015.

Platts senior editor Eklavya Gupte said: "Iran and Iraq remain the big swing factors, having driven OPEC output higher in March, while Saudi Arabia has been more neutral, keeping production steady since January.

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"Neither Iran nor Iraq has made firm commitments to the Doha talks on 17 April, but their collective stance could be a decisive element regarding any agreement over a production freeze."

The report comes as OPEC and non-OPEC countries will meet in Doha on 17 April to examine ways to help balance global oil markets and support oil prices.

Algeria, Azerbaijan, Bahrain, Ecuador, Indonesia, Kuwait, Nigeria, Oman, Qatar, Russia, Saudi Arabia, Venezuela and the UAE have confirmed their participation in the summit.

However, both Iraq and Iran have not committed themselves to the freeze proposal.

Libya has refused to join the meeting amid rising political unrest in the country.

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