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OPEC maintains high level of oil output in March

Xinhua, April 13, 2016 Adjust font size:

Iran continues to pump more oil after the sanction relief, together with Iraq and Angola, all of which contribute to an increase of crude oil production of OPEC, the cartel's monthly report showed on Wednesday.

OPEC, the Organization of the Petroleum Exporting Countries, continued to maintain its high level of oil output in the past months despite the price of the crude oil plunged.

"OPEC crude oil production in March averaged 32.25 million barrels per day, a marginal increase of 15,000 barrels per day over the previous month. Crude oil output increased mostly from Iran, Iraq and Angola, while production decreased in the UAE (United Arab Emirates), Libya and Nigeria," the report said.

The cartel's largest oil pumper, Saudi Arabia, who accounts for around one third of the OPEC output, kept its oil output level unchanged in March.

The production cut has been a key issue in keeping the balance of the oil market since the oil price collapsed, however, world's major oil producers fail to make a substantial agreement over the issue. Enditem