LONDON, April 11 (Reuters) - Global oil supply dropped in March as U.S. sanctions and power outages pushed Venezuela’s crude output to a long-term low of 870,000 barrels per day (bpd), the International Energy Agency said on Thursday, even lower than OPEC reported the day before.
“The blackouts are an additional challenge for Venezuela’s oil sector, already set back by economic collapse, corruption, mismanagement and - more recently - by U.S. sanctions,” the Paris-based IEA said in its monthly report.
The IEA said the output decline of 270,000 bpd was Venezuela’s second largest month-on-month drop and put the country’s production at 600,000 bpd less than a year earlier.
Venezuela told the Organization of the Petroleum Exporting Countries that the nation pumped 960,000 bpd last month, a drop of almost 500,000 bpd from February, OPEC said on Wednesday.
Reporting by Noah Browning; Editing by Dale Hudson