OPEC Cuts Drag Supply To 2015 Low – 1 April, 2019

In the lowest output since 2015, OPEC supply dropped as top exporter Saudi Arabia and its Gulf allies cut more than initially called for by the groups 14-members, coupled with U.S. sanctions against Venezuela. While OPEC countries pumped 30.40 million barrels per day last month, a survey found they were still down 280,000 bpd from February. At above $68 per barrel, crude oil is trading just under a 2019 high, aided by both the Saudi cuts as well as supply curbs from the U.S. sanctions in Venezuela and Iran, with Venezuela’s supply falling by 150,000 bpd