OPEC oil output cuts

March global oil surplus at 17.7 million barrels per day; 2nd qtr surplus to be at 6.2 million bpd despite OPEC-led cuts

Thursday of this past week saw the release of OPEC's April Oil Market Report, which gives us a picture of the global oil supply & demand situation in March, after the breakdown of OPECs agreement to cut oil production in the first quarter, when Saudi and its allies were engaged in an oil price war against the Russians and US shale, but before last week's agreement to cut production by 9.7 million barrels a day.

OPEC oil output at a 6 month low; global oil output at a 12 month high

We’re going to start by reviewing OPEC's December Oil Market Report (covering November OPEC & global oil data), which was released on Wednesday of last week, and which is now available as a free download.  The first table from this report that we'll look at is from page 64 of that OPEC pdf, and it shows oil production in thousands of barrels per day for each of the current OPEC members over the recent years, quarters and months, as the column headings indicate.