OPEC, allies agree on another oil output from March

Shafaq News/ OPEC+ decided on Wednesday to increase the collective production by 400,000 barrels per day (bpd) in March.

The Group decided after a meeting via videoconference to raise output by 400,000 barrels per day in March, the same since this February.

In a technical report seen by Shafaq News Agency, OPEC reported that for March 2022, "the required production for Iraq is 4370 million bpd, 45,000 bpd more than this February.”

Saudi Arabia and Russia’s share was set at 10331 million bpd each, an increase of about 104,000 bpd from this month, while the UAE's production share increased by 30 thousand barrels per day, to reach 2976 bpd.

According to the report, "the share of OPEC increase to reach 25061 million barrels per day, while the OPEC+’s share would be 41294 million bpd."

It is worth noting that currently, the Organization has a total of 13 Member Countries, Algeria, Angola, Congo, Equatorial Guinea, Gabon, IR Iran, Iraq, Kuwait, Libya, Nigeria, Saudi Arabia, United Arab Emirates, and Venezuela.