OPEC figures show oil output cuts exceed pledge in March

OPEC states cut oil output in March by more than they pledged under supply curbs, according to figures the exporter group uses to monitor its supply, extending a record of higher-than-expected adherence to its first production cut in eight years.

The Organisation of the Petroleum Exporting Countries agreed to cut output by about 1.2 million barrels per day (bpd) for six months from January 1 to prop up prices and reduce a glut.

Russia and 10 other non-OPEC states agreed to cut half as much.

Production from the 11 OPEC members with output targets under the deal has averaged 29.757 million bpd in March, according to average assessments of secondary sources OPEC uses to monitor its output. The figures were seen by media.

(Reuters/NAN)

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