Gate News message, April 7, affected by the conflict in the Middle East, OPEC (Organization of the Petroleum Exporting Countries) saw its March crude oil production drop by at least the largest amount in forty years. Data show that OPEC’s daily output plunged by 7.56 million barrels (about 25%), falling to 22 million barrels—its biggest month-to-month decline since 1989. The decline, measured in barrels, even exceeded the drop during the 1973 Arab oil embargo period. According to The Oil Big Game, between October and December 1973 the market lost 5 million barrels per day, but at that time the global market size was far smaller than it is now.
By country, Iraq—the most dependent on the Strait of Hormuz—recorded the largest decline, with daily output falling by 2.76 million barrels to 1.63 million barrels. Saudi Arabia and the UAE suffered relatively smaller losses because they can redirect exports through alternative oil pipelines: Saudi Arabia’s daily output decreased by 2.07 million barrels to 8.36 million barrels, and the UAE’s daily output decreased by 1.44 million barrels to 2.16 million barrels. Although Saudi Arabia can export via the Red Sea, oil tanker tracking data show that in March Saudi Arabia’s export volume was still down by about 50%.
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