OPEC+ picked the worst-possible time to accelerate a return of barrels to the market and that pushed WTI as low as $58.95 today.

The influential secondary sources survey from Reuters has March OPEC output down 110K bpd despite a scheduled increase in production. That dip might help to explain why the organization accelerated output, or thought it could.

Output from Nigeria, Iran and Venezuela fell by 50k bpd in the month, with the latter two likely due to fresh US sanctions. Those two aren’t subject to quotas but Nigeria is.

The survey showed Saudia Arabia, Iraq and the UAE were all at or slightly under quota.