OPEC+ crude oil production drops in March.

Crude oil production from OPEC+, a coalition of OPEC and other oil producers, fell by 300,000 b/d in March as sanctions hit Russian output, the latest Platts survey by SandP Global Commodity Insights from April 11 found.

OPEC production decreased 60,000 b/d to 28.97 million b/d, while non-OPEC allies saw output fall by 240,000 b/d to 13.40 million b/d in March.

Production in the largest non-OPEC producer in the group, Russia, fell by 260,000 b/d to 9.6 million b/d in March. This followed the introduction of G7 price caps and EU import bans on most Russian crude and oil products from Dec. 5, 2022, and Feb. 5, respectively. The...