OPEC‘s oil production fell slightly in April, despite plans to increase output, according to a Reuters survey released Thursday.
The Organization of the Petroleum Exporting Countries (OPEC) produced 26.60 million barrels per day (bpd) last month, down by 30,000 bpd from March. The decline was mainly due to a sharp drop in Venezuelan output, as the United States tightened efforts to restrict its oil exports. Smaller production cuts in Iraq and Libya also contributed to the overall decline.
This dip came even as OPEC and its allies—collectively known as OPEC+—began scaling back earlier output cuts in April. The group, which includes non-OPEC producers like Russia, plans to ramp up production more aggressively in May and June, citing supportive conditions such as low global oil inventories.
However, the extent of future production increases may be limited by new U.S. sanctions targeting oil exports from Iran and Venezuela. In April, Venezuela saw the largest decline in production among OPEC members. Reuters reported that canceled shipments to U.S. oil company Chevron forced some vessels to turn back, leading to reduced export volumes.
Iraq, under increasing pressure to comply with its OPEC+ quota, also trimmed its production. Meanwhile, output from major Gulf producers—including Saudi Arabia, the United Arab Emirates (UAE), and Kuwait—remained mostly stable, even though their quotas were raised for April.
The Reuters survey noted that the UAE and Iraq are producing close to their agreed limits, based on OPEC’s internal data. However, other estimates, such as those from the International Energy Agency (IEA), suggest that these countries may be producing above their targets.
Among countries that increased production, Iran saw the biggest gain. Despite new U.S. restrictions, Iranian oil exports rose in April, providing OPEC’s largest single increase in output for the month.
Related Topics:
- China’s Coal Imports Fall 6% in March Due to Low Demand, High Stocks
- UK Government Funds Coal Shipment to Support British Steel’s Furnaces
- Indonesia’s Coal Expansion Plan Faces Climate and Cost Challenges