OPEC+ Supply Gap Widens in March as Sanctions Hit Russian Oil Output

OPEC+ produced 1.45 million bbl/d below its production targets in March, as Russian output began to decline following sanctions imposed by the West, a report from the producer alliance seen by Reuters showed.

Russia produced about 300,000 bbl/d below its target in March at 10.018 million bbl/d, based on secondary sources, the report showed.

The International Energy Agency (IEA) said in a monthly report last week it expected Russian oil output losses to grow to 1.5 million bbl/d in April and to double to 3 million bbl/d from May because of sanctions and buyer aversion.