OPEC March oil output falls on Venezuela, Iran losses amid sanctions

OPEC March oil output falls on Venezuela, Iran losses amid sanctions

Reuters-April 7, 2025

OPEC oil output fell in March ahead of a scheduled output hike, a Reuters survey found, as Nigeria curbed deliveries to domestic refineries and Iranian and Venezuelan supply dropped on renewed U.S. attempts to curb the flows.

The Organization of the Petroleum Exporting Countries pumped 26.63 million barrels per day last month, down 110,000 bpd from February’s total, the survey showed on Monday, with Nigeria, Iran and Venezuela posting the largest drops.

OPEC+, which comprises OPEC and its allies including Russia, is beginning to gradually unwind its most recent layer of output cuts. The full extent of the hike will depend partly on the impact of attempts by U.S. President Donald Trump to clamp down on supply from Iran and Venezuela.

In March, supply from Nigeria, Iran and Venezuela fell by 50,000 bpd each, the survey found.

Nigerian supply declined due to reduced deliveries to the Dangote refinery, offsetting higher exports, the survey found. Nigeria is pumping slightly above its OPEC+ target, according to the survey, with Gabon the least compliant member.

Iranian output fell from February’s figure which had matched September’s and was the highest since 2018, according to Reuters surveys. The small drop comes as the U.S. under Trump is renewing efforts to put pressure on Iran’s oil exports.

Venezuela, similarly on the receiving end of U.S. measures, also had a drop in exports last month, the survey found, amid Washington’s imposition of secondary tariffs and cancellation of licenses to operate in the energy sector.

Output in OPEC’s two biggest producers, Saudi Arabia and Iraq, edged slightly higher, the survey found. Both nations are pumping less than their OPEC+ targets. Output in the United Arab Emirates was on target.

While the survey and February data provided by OPEC’s secondary sources show the UAE and Iraq are pumping close to the quotas, other estimates, such as those of the International Energy Agency, suggest they are pumping significantly more.

There were no significant increases in output last month, the survey found.

The Reuters survey aims to track supply to the market and is based on flows data from financial group LSEG, information from other companies that track flows such as Kpler, and information provided by sources at oil companies, OPEC and consultants.

Additional reporting by Ahmad Ghaddar Editing by Emelia Sithole-Matarise

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