OPEC March oil output rises from 2009 low after supply pact collapse

* Output drops in Libya, Venezuela
* Iran supply falls more due to coronavirus outbreak
* Saudi Arabia, UAE pump more
* Output by country, compliance: By Alex Lawler
LONDON, March 31 (Reuters) - OPEC oil output rose in March
from the lowest in more than a decade last month as Saudi Arabia
boosted output following the collapse of an OPEC-led suply pact,
offsetting further declines in Libya, Iran and Venezuela.
On average, the 13-member Organization of the Petroleum
Exporting Countries pumped 27.93 million barrels per day (bpd)
last month, according to the survey, up 90,000 bpd from
February's figure, which was unrevised.
A supply pact by OPEC and other producers, known as OPEC+,
collapsed on March 6, hastening a drop in prices that were
already falling due to the coronavirus outbreak. Brent crude
LCOc1 has plunged below $22 a barrel, the lowest since 2002.
While Saudi Arabia plans to boost supply following the OPEC+
deal collapse, OPEC output has not changed much yet because
export deals for March production were already in place, said
Petro-Logistics, a firm that tracks oil shipments.
"OPEC supply in March is broadly unchanged versus February,
hovering at record lows," Petro-Logistics chief executive Daniel
Gerber told Reuters. "Allocations for March barrels were locked
in by the time the OPEC+ agreement collapsed on March 6."
"This may be the calm before the storm as many OPEC
countries have announced a maximisation of their supply and
exports in April. Early signs show export rates from Saudi
Arabia, UAE and Kuwait starting to ramp up."
OPEC, Russia and other producers had a deal to curb output
by 1.7 million bpd until March 31 to support prices.
The 10 OPEC members bound by the agreement still exceeded
the pledged cuts in March, the survey found. Compliance was 106%
in March, a decline from 128% in February.
Production next month is expected to rise further. Saudi
Arabia is reducing refinery operations in April to boost export
potential and, an official said, plans to ship 10.6 million bpd
in May. IRAN AND CORONAVIRUS
February's output was the lowest by OPEC since at least
2009, the year in which the group implemented its biggest-ever
supply cut due to the financial crisis, excluding membership
changes since then, according to Reuters survey records.
Among those pumping more, Saudi Arabia boosted output by
100,000 bpd in March, even though some buyers asked to cancel
cargoes because of reduced demand, industry sources said.
The UAE is also ramping up production, sources said, while
Nigeria and Iraq, both laggards in making cuts in 2019, also
raised output slightly due to higher exports.
Venezuela, Iran and Libya all reduced output in March. All
three were exempt from voluntary OPEC curbs because of U.S.
sanctions or internal issues limiting production.
Iran is also seeing a drop in gasoline use because of the
coronavirus outbreak, said analyst Sara Vakhshouri of SVB Energy
International, compounding the impact of sanctions on supply.
"Iran's oil production has dropped to below 2 million bpd,"
she said. The survey average put Iranian output at 2.02 million
bpd, down 70,000 bpd.
Venezuela, contending with both U.S. sanctions and a
long-term decline in output, posted another drop in production
and exports in March. Oil output in Libya has plunged since Jan. 18 due to a
blockade of ports and fields by groups loyal to eastern-based
commander Khalifa Haftar. Production fell by another 45,000 bpd
in March, the survey found.
The Reuters survey aims to track supply to the market and is
based on shipping data provided by external sources, Refinitiv
Eikon flows data and information provided by sources at oil
companies, OPEC and consultants.

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(Editing by Barbara Lewis)