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OPEC’s oil output slightly decreased in April despite a scheduled production increase, according to a Reuters survey. The organisation’s oil production decreased by 30,000 barrels per day to 26.60 million barrels per day last month. This decline was driven by cuts in Venezuelan supply due to renewed US efforts to limit oil flows and smaller drops in Iraq and Libya.
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“While the survey and March data provided by OPEC’s secondary sources show the UAE and Iraq are pumping close to the quotas, other estimates, such as those of the International Energy Agency, suggest they are pumping significantly more,” the report stated.
The reduction occurred despite OPEC+ starting to unwind its latest layer of output cuts in April, with plans to accelerate increases in May and June due to favorable market conditions, such as low inventories. However, the extent of these increases will depend partly on the impact of US President Donald Trump’s attempts to restrict supply from Iran and Venezuela.
Among OPEC members:
– Venezuela’s Output: Experienced the largest decline, with exports decreasing after cargo cancellations for US oil company Chevron forced ships to return.
– Iraq’s Output: Saw a reduction, as the country faces pressure to comply with OPEC+ output quotas.
– Iran’s Output: Boosted exports in April, resulting in OPEC’s largest output increase, with US measures having minimal impact.
The survey also noted that top producer Saudi Arabia, along with Gulf members United Arab Emirates and Kuwait, saw little change in output despite higher OPEC+ quotas for April
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