OPEC's oil production falls in March to the lowest level since June 2020 due to the conflict in the Middle East and the reduction of exports.

OPEC's oil production recorded a significant decline in March, reaching its lowest level since June 2020, according to a survey conducted by Reuters. This decline, of 7.3 million barrels per day, was driven by the war between the United States and Israel against Iran, which led to the closure of the Strait of Hormuz and a reduction in exports.

The total production of the 12 OPEC member states reached 21.57 million barrels per day, with notable declines in Kuwait, Iraq, Saudi Arabia, and the United Arab Emirates. Although OPEC+ has agreed to maintain stable production in the first quarter of 2026, a meeting is expected on April 5 to discuss increasing deliveries. Iraq recorded the largest production decline, dropping from 4.15 million barrels per day in February to 1.6 million in March.

March's production is comparable to levels at the beginning of the pandemic, and subsequent adjustments could further reduce these figures. The survey is based on data from LSEG and other transport monitoring sources.