OPEC announced on 31 March it would go ahead with planned oil output cuts of 4 per cent, equivalent to 1 million barrels a day (b/d). With oil already trading above the $30-a-barrel mark, the cartel faced some pressure in the run-up to its Vienna meeting to postpone the cuts, which take place on 1 April.
Kuwait and the UAE had proposed delaying the fall in the output ceiling to 23.5 million b/d to allow time for the price to fall. However, the consensus was that with the warmer season approaching - signalling a cut in demand - and with the weakness of the dollar reducing oil value, there was room for the cuts.
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