OPEC Cuts Oil Production in March, Ahead of Ramp Up Plans

The Organization of Petroleum Exporting Countries (OPEC) reduced its crude oil production in March, ahead of its planned production increase for May, a new Bloomberg survey showed on Tuesday. OPEC reduced its crude oil production for March to an average of 27.43 million barrels per day—a reduction of 110,000 bpd from the prior month. The reduction comes as OPEC pushes its members into tighter compliance with their production quotas. According to the survey, Nigeria saw the largest decrease in production, by 50,000 bpd, to an average of 1.5…