Reuters survey: OPEC March production hits a new low since the peak of the COVID-19 pandemic.

A Reuters survey shows that due to the actual war between the US and Israel and Iran closing the Strait of Hormuz and forcing exports to be cut, OPEC's oil production dropped significantly in March, reaching its lowest level since the peak of the COVID-19 pandemic in June 2020. The survey indicates that OPEC member countries reduced their crude oil production by 7.3 million barrels per day to 21.57 million barrels per day in March compared to the previous month, mainly driven by production cuts in Kuwait, Iraq, Saudi Arabia, and the UAE. The survey also shows that only Venezuela and Nigeria, two member countries, increased their production that month. The Reuters survey is based on flow data from LSEG, data from shipping tracking agencies such as Kpler, and information from oil companies and consulting firms.