OPEC Output Falls to Lowest in a Year Amid Venezuela Woes

Group production fell to 32.04 million barrels a day in March
Oil fields in Algeria are said to have gone into maintenance

OPEC’s president discusses the possible impact of a trade war on the oil market, and the current oil cuts deal goal.(Source: Bloomberg)

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By Angelina Rascouet

April 3, 2018 at 3:40 PM UTC

Updated on

April 3, 2018 at 11:01 PM UTC

This article is for subscribers only.

OPEC crude production dropped to the lowest in a year amid the woes in Venezuela’s oil industry.

Output from the 14 members of Organization of Petroleum Exporting Countries fell by 170,000 barrels to 32.04 million barrels a day in March, according to a Bloomberg News survey of analysts, oil companies and ship-tracking data. That’s the lowest since last April’s 31.9 million barrels a day. Back then, Equatorial Guinea -- which pumped 130,000 barrels a day last month -- wasn’t part of OPEC.