On March 4th, driven by increased production in Iraq, Venezuela, and the United Arab Emirates, the crude oil production of the Organization of the Petroleum Exporting Countries (OPEC) rose to a new high in over a year before the organization plans to resume production. According to a survey, production increased by 240000 barrels per day last month to an average of 27.35 million barrels per day, the highest level since December 2023. After the largest oil field in Iraq suffered a fire, the country’s production was able to recover; Venezuela increased its export volume before the United States tightened restrictions, while the United Arab Emirates also increased its exports. The increase in production indicates a deterioration in the fulfillment of OPEC’s production reduction commitments; The organization and its allies have shown some improvement in their compliance with production cuts in the past few months.
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