OPEC+ crude oil production rose in March, with several members again exceeding their agreed output limits, according to the latest Platts OPEC+ Survey by S&P Global Commodity Insights.
Total oil production from the alliance reached 41.04 million barrels per day (bpd) in March. This marked an increase of 30,000 bpd from February. However, producers with quotas collectively overshot their ceiling by 319,000 bpd, the survey found.
Kazakhstan was the biggest overproducer. The Central Asian nation, which is a non-OPEC member of the OPEC+ alliance, acknowledged the breach. Kazakhstan’s energy ministry told Russia’s Interfax news agency that the country failed to meet its March target but plans to compensate for the excess in April. The ministry said it is currently negotiating with domestic operators to reduce output and align with OPEC+ commitments.
“We plan to fulfill our commitments in April and offset part of the volumes produced above the target,” the ministry stated, adding that Kazakhstan remains committed to the group’s agreements.
Other major producers, including Iraq and the United Arab Emirates—the second- and third-largest OPEC members after Saudi Arabia—also pumped above their assigned quotas last month.
This continued lack of compliance comes just as OPEC+ begins to ease its production cuts. Starting in April, the group is gradually increasing output, with an even larger hike planned for May—triple the initially expected amount.
OPEC said last week that this May increase could help member countries catch up on past overproduction by giving them a chance to compensate during a time of higher quotas.
Some analysts suggest that the aggressive production hike may not just be a response to improving market conditions. It could also be a strategic move to pressure those members who have repeatedly failed to stick to their targets.
The group’s ongoing struggle with quota compliance raises fresh questions about its ability to manage production levels as it seeks to balance global oil supply and demand.