For the first time since March 2015, Libya has officially reported a production figure to the Organisation of Petroleum Exporting Countries (OPEC), stating it pumped 1.283 million barrels per day of crude in March.
In OPEC’s latest edition of its monthly oil market report released on April 13th, crude production in March rose by 100,000 b/d compared to 1.183 million in February. Production in the first quarter averaged 1.214 million b/d.
OPEC member-countries voluntarily self-report a crude output figure monthly, and after Libya’s report, Iran is the only member country that is not reporting its figures to the OPEC secretariat.
On crude oil price movement, the report read: “Spot crude prices rose for the fifth-consecutive month in March on the back of continuing supportive oil market fundamentals. The OPEC Reference Basket (ORB) increased $3.51 or 5.7% m-o-m to average $64.56/b, the highest on monthly terms since January 2020. In the first three months of 2021, the ORB was up by $8.82, or 17.2% to average $60.22/b. Crude oil futures prices were higher in March extending previous monthly gains. The ICE Brent front month rose by $3.42 in March, or 5.5%, to average $65.70/b, and NYMEX WTI increased by $3.30, or 5.6%, to average $62.36/b. Consequently, the Brent-WTI spread widened to $3.34/b on a monthly average. The backwardation structure of Brent and WTI markets eased over the month, specifically in the front of the forward curve. In contrast, backwardation strengthened for DME Oman and Dubai. Hedge funds and other money managers liquidated part of their bullish positions in the second half of March after market sentiment softened.”
