Iraq Joins Russia And Saudis In Record March Production—-The Oil Glut Is Just Getting Started

As Bloomberg reports, crude output in OPEC’s second-biggest producer rose to 4.55 million barrels a day last month from 4.46 million barrels in February, while exports increased to 3.81 million barrels a day in March from 3.23 million the previous month, the company, known as Somo, said in an e-mailed statement. The 500,000 barrel increase in monthly barrels has made up almost entirely for the 600,000 barrel decline in US shale output.
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