According to the report of Azerbaijani Trend News Agency on April 10, 2019, Baku, Azerbaijani Trend News Agency quoted OPEC’s monthly oil market report on April 10 that the average daily crude oil production of 14 OPEC member countries in March was 3.02 million barrels, a decrease of 534,000 barrels compared with the average daily oil production in February.

According to the report, crude oil production declined in March mainly in Saudi Arabia and Iraq, while oil production increased in March in Congo and Nigeria.

In its report, OPEC said its share of global crude oil production in March 2019 was down 0.5% to 30.2% from February.

On November 30, 2018, OPEC and its partners decided in Vienna to extend the cut-off period until the end of 2018. At present, OPEC and its allies are stepping up their efforts to end the oversupply of crude oil prices and the global energy industry that has hit hard for three years.

On December 7, 2018, the Fifth OPEC and Non-OPEC Ministerial Conference was held in Vienna, Austria. The meeting participants decided to cut oil production by 1.2 million barrels per day in the six months starting January 1, 2019. Under the new agreement, OPEC and non-OPEC oil-producing countries will target production cuts of 800,000 barrels per day (2.5%) and 400,000 barrels per day (2%) respectively.