The crude oil output of the OPEC increased by 90,000 barrels per day (bpd) in March to 27.93 million bpd boosted by ramped up production in Saudi Arabia and the United Arab Emirates, a Reuters survey showed on Tuesday.
“This may be the calm before the storm as many OPEC countries have announced a maximisation of their supply and exports in April,” Petro-Logistics, a firm that tracks oil shipments, CEO Daniel Gerber told Reuters. “Early signs show export rates from Saudi Arabia, UAE and Kuwait starting to ramp up.”
Market reaction
The barrel of West Texas Intermediate (WTI) continued to erase its losses on this headline and was last seen trading at $20.60, still adding 1.75% on the day.
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