Global crude oil exports reached an average of 39.92 million barrels per day (bpd) in March, showing an increase of 119,000 bpd compared to February. The rise in shipments comes just before the Organisation of the Petroleum Exporting Countries and allies (OPEC+) prepare to increase production in April.
Key exporters and shipment trends
The latest data from Bloomberg indicates that Brazil, Canada, and Russia recorded the highest export increases in March, while the United States and the North Sea saw significant declines.
Saudi Arabia, the world’s leading crude oil exporter, saw a slight drop of 65,000 bpd, bringing its total exports to 6.227 million bpd. Iraq, OPEC’s second-largest producer, also experienced a sharper decline of 144,000 bpd as it struggled to keep production within its OPEC+ quota.
Brazil led the gains with a surge of 220,000 bpd in crude shipments, followed by Canada with an increase of 190,000 bpd. Meanwhile, Russia’s crude exports rose across all major routes, including the Arctic, Pacific, and Urals blend, as key buyers such as China and India continued sourcing Russian crude despite U.S. sanctions.
OPEC+ set to increase supply
OPEC+ began easing its production cuts of 2.2 million bpd on April 1, a move that is expected to add 138,000 bpd to global supply this month. Later this week, the OPEC+ Joint Ministerial Monitoring Committee (JMMC) will meet to assess market conditions and may decide on production levels for May. Market analysts anticipate that the alliance could further raise output in the coming months.
The decision to increase production follows global market demand trends and supply chain adjustments. With oil prices fluctuating due to geopolitical and economic factors, the coming months will be crucial in determining whether OPEC+ continues with its planned supply boost or opts for a more cautious approach.
Market outlook
With OPEC+ set to ease production cuts and global shipments on the rise, analysts expect further adjustments in oil prices and market supply. The coming weeks will be pivotal as producers and consumers monitor the impact of increased output on global energy markets.
While some countries ramp up exports, ongoing geopolitical tensions and economic uncertainties could influence future production decisions. Market watchers will closely follow developments as OPEC+ finalises its strategy for the months ahead.
Global crude oil exports reached an average of 39.92 million barrels per day (bpd) in March, showing an increase of 119,000 bpd compared to February. The rise in shipments comes just before the Organisation of the Petroleum Exporting Countries and allies (OPEC+) prepare to increase production in April.
Oil prices remain stable
Despite the rise in crude shipments, global oil prices remained relatively stable. As of April 2, 2025:
- Brent crude rose to $74.99 per barrel, up 0.67%.
- West Texas Intermediate (WTI) crude traded at $71.80 per barrel, up 0.84%.
- Murban crude reached $76.80 per barrel, increasing by 0.69%.
- Natural gas prices climbed to $4.058 per million British thermal units (MMBtu), rising 2.71%.