Details of the March 2017 OPEC report

  • OPEC output -153kbpd to 31.928mbpd

  • Raises 2017 world oil demand growth forecast to 1.27mbps vs 1.26m prior

  • Cuts forecast for OPEC 2017 demand by 130kbpd to 32.22mbpd on higher non-OPEC supply

  • 11 OPEC members in oil cut deal achieve 104% of pledged 1.16mbpd cuts (Reuters calc)

  • 11 Members cut output to 29.761mbps vs the 29.804mbpd target (Reuters calc)

  • Saudi's say they cut output to 9.90mbps vs 10.011m in Feb

  • OPEC says OECD oil inventories fell to 268m in Feb, still above 5year average