Opec leads global oil production lower
Troubles in Nigeria, Libya and Iraq contributed to the supply decline
Global oil supply fell by 120,000 b/d in March on lower production from Opec. Output from the organisation fell in March because of disruptions in Nigeria, Libya and Iraq and weaker demand from refineries during seasonal maintenance. Opec’s crude oil output was down 140,000 b/d to 30.44 million b/d, the IEA said. The agency said 6.8m b/d of refining capacity was offline because of spring maintenance, around 5.6m b/d of which was in Europe, Asia, the Former Soviet Union and in the Middle East. Non-Opec oil supply is expected to average 54m b/d in the first quarter of 2013. This is up 650,000 b/d year-on-year but down 240,000 b/d from the fourth quarter of 2012. Maintenance at Canada’s oil-san
Also in this section
19 January 2026
Newfound optimism is emerging that a dormant exploration frontier could become a strategic energy play and—whisper it quietly—Europe’s next offshore opportunity
16 January 2026
The country’s global energy importance and domestic political fate are interlocked, highlighting its outsized oil and gas powers, and the heightened fallout risk
16 January 2026
The global maritime oil transport sector enters 2026 facing a rare convergence of crude oversupply, record newbuild deliveries and the potential easing of several geopolitical disruptions that have shaped trade flows since 2022
15 January 2026
Rebuilding industry, energy dominance and lower energy costs are key goals that remain at odds in 2026
