Reuters survey shows Iran and Iraq pumping more

OPEC March output rose 100K barrels per day in the month to 32.47mbpd led by Iraq and Iran, according to the closely-followed Reuters survey.

The largest declines were in the UAE and Nigeria.

They also note that Saudi Arabia's production was steady at 10.18mbpd.

Crude has been in freefall in the past 30 minutes, erasing all the daily gains and more. It's contributing to a larger reversal in markets.