Oil production in the Middle East plummeted in March

On April 13 local time, oil production in the Middle East saw a significant decline in March. With the Strait of Hormuz nearly closed, crude oil exports were hindered, forcing some of the world’s leading oil-producing countries in the region to cut their output. In its monthly oil market report released on the same day, OPEC noted that total daily crude oil output among its member countries fell by nearly 7.9 million barrels to 20.79 million barrels, marking a decrease of 27%. Among OPEC members, Iraq, Saudi Arabia, Kuwait, and the United Arab Emirates recorded the largest production reductions last month. The report indicated that Iran’s crude oil production also dropped slightly, and other OPEC member countries, including Algeria, the Republic of the Congo, Libya, and Gabon, showed the same downward trend. In contrast, Nigeria's crude oil production saw a slight increase. (CCTV News)