OPEC Production UP

OPEC oil output has risen in March to its highest level since October 2008, Reuters reported. Supply from all 12 OPEC members averaged 31.26 million barrels per day (bpd). The biggest increase in OPEC supply came from Libya. Iraq was second as its new Persian Gulf shipping outlet provided a long-awaited boost to the country’s capacity. Iran’s exports, however, fell mainly due to tightening sanctions.

Source: Reuters, 30 March 2012