OPEC oil output plunges in March as war forces export cuts, Reuters survey finds

Core Insights - OPEC oil output fell to its lowest level since June 2020, primarily due to the U.S.-Israeli war against Iran, which effectively closed the Strait of Hormuz and led to export cuts [1][2]. Group 1: OPEC Output Data - Crude output by OPEC members decreased by 7.3 million barrels per day (bpd) month-on-month, reaching 21.57 million bpd in March [2]. - The largest reductions in output were reported from Kuwait, Iraq, Saudi Arabia, and the United Arab Emirates [2][4]. - Only Venezuela and Nigeria increased their oil production during the same period [3]. Group 2: Context and Implications - The significant drop in OPEC output comes despite prior commitments from eight OPEC+ producers to maintain steady production levels before the onset of the Iran conflict [4].