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
13 March 2026
Brussels is again weighing a cap on gas prices amid the Hormuz crisis, but the measure could backfire by deterring the LNG cargoes Europe urgently needs
12 March 2026
Emergency oil stocks provide a last line of defence to oil market shocks, so the IEA’s unprecedented 400m bl release represents something of a double-edged sword
12 March 2026
LPG could rapidly expand access to clean cooking across Africa and prevent hundreds of thousands of deaths from indoor air pollution each year, but infrastructure shortages and regulatory barriers are slowing investment and market growth
11 March 2026
Missiles over Dubai and disruption in Hormuz are testing the emirate’s reputation—and shaking the energy hub at the centre of the Gulf economy
