OPEC+ supply gap widens in March as sanctions hit Russian output – Reuters

OPEC+ supply gap widens in March as sanctions hit Russian output – Reuters

LONDON, April 19 (Reuters) - OPEC+ produced 1.45 mln barrels per day (bpd) 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 bpd below its target in March at 10.018 million bpd, 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 bpd in April and to double to 3 million bpd from May because of sanctions and buyer aversion.