OPEC crude output fell 7.3 million bpd in March, Reuters survey finds

A Reuters survey found OPEC crude production fell by 7.3 million barrels per day in March, to 21.57 million bpd, as the Iran war cut Gulf exports. The drop is physical supply lost, not a policy decision, and it came while OPEC+ was still raising paper quota targets. For traders, it shows how far actual barrels have fallen behind headline quotas.

• OPEC crude output 21.57 million bpd in March
• Down 7.3 million bpd month on month
• Source: Reuters survey, dated 31 March 2026