The Woodside Energy Group Ltd (ASX: WDS) share price lost a lot of ground in March.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy stock closed out February trading for $24.77. When the closing bell rang on 31 March, shares were changing hands for $23.12 apiece.

This saw the Woodside share price down 6.7% over the month, trailing the 4.0% losses posted by the ASX 200 in March.

What pressured the Woodside share price in March?

Most of the losses incurred by Woodside shareholders occurred over the first weeks of the month, amid slumping global oil prices.

Brent crude oil closed out February trading for US$73 per barrel but quickly fell to US$69 per barrel by 5 March, according to data from Bloomberg.

Buffeted by concerns of a pending oil glut, the Woodside share price was down 9.2% by 7 March from the 28 February close.

The oil price picked up momentum during the second half of the month, with Brent crude ending March at US$75 per barrel. Woodside gained 2.8% from 7 March through to the end of the month.

Despite that modest boost to the Woodside share price, investors appear to have held back buying the ASX 200 energy stock amid a range of bearish analyst forecasts for the year end oil price.

Those concerns were driven in part by:

• United States President Donald Trump's focus on increasing domestic production and driving down energy costs.
• News that the Organization of the Petroleum Exporting Countries and its allies (OPEC+) will begin to increase oil production after years of restricted output.
• Concerns that US tariffs will crimp global growth and lower energy demand, creating a potential oil glut.

The analysts at Westpac Banking Corp (ASX: WBC) were among those forecasting sizeable further falls in global oil prices, with expectations that Brent crude will fall to the mid-US$60 per barrel range.

Don't forget the dividends!

For a fair analysis of the Woodside share price performance in March, we can't forget the 85 cents a share in fully franked dividends the company is paying to eligible shareholders today.

While that welcome passive income is being paid today, Woodside stock traded ex-dividend on 6 March. Meaning investors buying on or after 6 March will no longer be eligible for that payout. Instead, that goes to investors who held the stock at market close on 5 March.

So, let's add that 85 cents a share back into the Woodside share price of $23.12 at the end of March.

This brings the accumulated value to $23.97 a share. And it sees Woodside stock down a lesser 3.2% in March, outperforming the 4.0% losses posted by the ASX 200.