The group’s collective output fell by a whopping 201,400 barrels per day in March, compared to a month earlier. It was the largest single-month decline since November and it took OPEC’s combined production down to 31.958 million barrels per day (mb/d), which is the lowest level in a year. To be expected, Venezuela lost a significant chunk of output, falling by 55,300 bpd, taking production down to 1.488 mb/d, according to OPEC’s latest Oil Market Report . But the ongoing production losses in Venezuela are not really surprising. The surprise was that output fell by rather large volumes elsewhere, including Algeria (-49,500 bpd), Angola (-81,700 bpd), Iraq (-13,100 bpd), Libya (-37,200 bpd) and Saudi Arabia (-46,900 bpd). Some of those countries have seen production fluctuate, perhaps due to maintenance, and it isn’t obvious that the losses are set to stick around for a while. But Venezuela is producing almost […]