OPEC oil output rises by 90,000 bpd in March to 27.93 million bpd – Reuters

Eren Sengezer FXStreet

The crude oil output of the OPEC increased by 90,000 barrels per day (bpd) in March to 27.93 million bpd boosted by ramped up production in Saudi Arabia and the United Arab Emirates, a Reuters survey showed on Tuesday.

"This may be the calm before the storm as many OPEC countries have announced a maximisation of their supply and exports in April," Petro-Logistics, a firm that tracks oil shipments, CEO Daniel Gerber told Reuters. "Early signs show export rates from Saudi Arabia, UAE and Kuwait starting to ramp up."

Market reaction

The barrel of West Texas Intermediate (WTI) continued to erase its losses on this headline and was last seen trading at $20.60, still adding 1.75% on the day.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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