OPEC crude oil production hit a four-year low in March

According to Dow Jones, S&P Global Platts data showed that OPEC crude oil production fell to its lowest level in more than four years in March. Total OPEC crude oil production, comprising 14 member countries, fell to 3.23 million barrels per day in March, down 570,000 barrels per day from February levels. One of the OPEC member countries, a market hotspot in the Americas, produced 740,000 barrels a day in March, falling to the lowest level in the past 16 years. Saudi Arabia, OPEC’s largest oil producer, has dropped to 9.87 million barrels a day, the lowest level since February 2017.