OPEC oil supply sank to a four-year low in March, a Reuters survey found, as top...
LONDON - OPEC oil supply sank to a four-year low in March, a Reuters survey found, as top exporter Saudi Arabia over-delivered on the group’s supply cut pact while Venezuelan output posted a further drop due to sanctions and power outages.
The survey suggests that Saudi Arabia and its Gulf allies are pressing ahead with even larger supply cuts than called for by OPEC’s latest deal, shrugging off pressure from U.S. President Donald Trump to increase supply. On Thursday, Trump again called for OPEC to pump more oil to lower prices. In March, the 11 OPEC members bound by the new agreement achieved 135 percent of pledged cuts, the survey found, up from 101 percent in February.
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