Commodities
OPEC’s Oil Output Rises to One-Year High Before Planned Revival
The OPEC+ coalition is planning to start a series of modest monthly production increases in April, to gradually bring back supplies shuttered since 2022.
Photographer: BloombergOPEC’s crude production rose to the highest level in more than a year ahead of the group’s planned supply revival, driven by gains in Iraq, Venezuela and the United Arab Emirates.
Output increased by 240,000 barrels a day last month to a daily average of 27.35 million barrels, the most since December 2023, according to a Bloomberg survey. Iraqi supply recovered after a fire at its biggest oil field, while Venezuela bolstered exports ahead of tighter US restrictions and the UAE boosted shipments.