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OPEC oil output falls in March as U.S. shale production grows

April 12, 2018

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OPEC said Thursday its crude oil output fell last month amid compliance with the oil cartel’s agreement to cut production, even as the world’s total oil supply continued to rise on the back of burgeoning U.S. shale growth.

In its closely watched monthly oil market report, the Organization of the Petroleum Exporting Countries said the group’s total crude output declined by 201,000 barrels a day in March in month-on-month terms, to average 31.96 million barrels a day. The drop was mainly attributable to lower production in Angola, Venezuela, Algeria and Saudi Arabia.

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