The monthly OPEC survey from Reuters showed production down 70k bpd in March to 28.90 million barrels per day. The dips came on maintenance in Angola and a halt in some Iraq exports.
Nigeria, meanwhile, increase output as it was able to restore production and clamp down on theft.
In the US, January data was released from the EIA and showed production at 12.46 mbpd, which is the highest since March 2020. On the demand side, product supplied rose to 19.54 mbpd, which was the highest since November but demand for gasoline was the lowest in a year. Overall demand is down 5.2% from January 2019.
WTI crude oil is up 97-cents today to $75.35 in a $10 rebound from last week's lows.
WTI daily March 31
