OPEC+ crude oil production fell by 106,000 barrels per day (bpd) in April compared to March, according to OPEC’s Monthly Oil Market Report released Thursday. The drop comes even as eight key producers had pledged to begin easing their voluntary supply cuts for the first time since 2022.
Saudi Arabia, Russia, Iraq, the UAE, Kuwait, Kazakhstan, Algeria, and Oman had agreed to raise output starting in April. However, the group collectively added less than 30,000 bpd, far short of the planned increase of 138,000 bpd.
Saudi Arabia, the largest OPEC producer and the de facto leader of the alliance, raised its production by 49,000 bpd to reach 9 million bpd in April. But gains from Saudi Arabia were offset by declines in other OPEC members, including Iran, Venezuela, and Nigeria, which often faces production disruptions.
As a result, total OPEC crude oil output declined by 62,000 bpd in April, the report showed.
Among non-OPEC members of the alliance, Kazakhstan’s output fell by 41,000 bpd but still exceeded its OPEC+ quota. The country pumped 1.823 million bpd in April, well above its target of 1.468 million bpd. Kazakhstan’s energy ministry has already said it does not plan to cut production in May.
Despite plans for a supply boost, the April figures indicate that OPEC+ producers were cautious in ramping up output. Some members with a history of exceeding quotas actually cut production, suggesting a move toward better compliance.
Looking ahead, the eight participating producers plan to raise output by 411,000 bpd in both May and June. Analysts say Saudi Arabia is sending a clear signal that it expects other members to respect their quotas. The Kingdom also appears to be leading a broader OPEC+ strategy aimed at pressuring U.S. shale producers by keeping oil prices below the breakeven level for many new wells.
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