OPEC producers supplied some extra oil barrels onto world markets in March, while non-OPEC output fell because of a deal with the cartel to lift prices, the International Energy Agency said today.
The West's energy watchdog said the 10 members of OPEC bound by supply curbs pumped an extra 440,000 barrels per day (bpd) in March, taking their total production to 23.0 million bpd.
In its monthly oil market report, the IEA said Saudi Arabia led the group higher, with a 240,000 bpd hike.
The 10 countries have had an official production ceiling of 21.7 million bpd since January 1st, when the 11-member group agreed huge cuts with five non-OPEC exporters.
Sanctions-bound Iraq, which is not bound by OPEC's quota system, pumped 2.47 million bpd.
By contrast, non-OPEC Norway cut flows by 320,000 bpd to comply with an agreement with OPEC which lasts until the end of June to lift prices.
The Paris-based agency said OPEC had 6.5 million barrels per day (bpd) of spare production capacity, providing an ample cushion in case of any disruption.