A survey of oil traders indicated that crude oil production by the 10 members of OPEC that are subject to quota requirements increased by 35,000 b/d in March 2007, to 26.6 MMb/d, according to Oliver Klaus of Dow Jones Newswires. Production exceeded the output target of 25.88 MMb/d, which includes production cuts imposed in October 2006 and February 2007. Including Iraq and Angola, two OPEC members not subject to quota requirements, total OPEC production in March reached 30.06 MMb/d, up from February's total of 29.99 MMb/d.
Higher crude oil prices have encouraged the increase in production, according to Klaus. Iran's capture of British sailors, which has increased political tension in the Gulf region, and more militant action in Nigeria are helping keep oil prices high.
