FG Cut Crude Oil Supplies to Local Refineries, Says Reuters Survey

SEATTLE (Oil Monster): The Federal Government of Nigeria has reduced crude oil supplies to local refineries during the month of March this year, says data from a recent Reuters survey.

The Organization of the Petroleum Exporting Countries (OPEC) member countries' oil production decreased throughout the month, according to the survey. Production increased as a result of the OPEC+ members' earlier decision to reverse the previously announced output cuts.

In March, OPEC's total production fell to 26.63 million barrels per day (bpd), a significant 110,000 bpd decrease from the previous month's output. The countries with the biggest drops in oil production were Venezuela, Iran, and Nigeria.

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According to the report, there was a 50,000 bpd decline in oil supplies from Venezuela, Iran, and Nigeria. Nigerian supplies decreased as a result of fewer supplies going to the Dangote oil refinery, even if exports increased. Nigeria's production was still just a little bit above the OPEC+ target, according to the study.

Iran's oil output has significantly decreased over the past month as a result of U.S. President Trump's measures to limit its exports. Furthermore, Venezuela's oil exports have significantly decreased as a result of the U.S. sanctions.

Although Saudi Arabia and Iraq reported a small increase in output, both nations' output nevertheless fell short of their OPEC+ commitments. The UAE, meanwhile, recorded production that was on target.