OPEC comments in its monthly report
- March oil output fell by 534k bpd due to OPEC+ pact, Venezuela sanctions
- Global oil inventories set to contract sharply this quarter
- Says members bound by output cuts deal met 155% compliance in March
The notable thing is that sharp drop in production, which will help to fuel the run in oil prices further should the output cuts deal be extended beyond this summer. Oil holds at the highs for the day currently, up by 0.8% to $64.50 currently.
