OPEC raised oil production in April

The Organization of the Petroleum Exporting Countries (OPEC) recorded an increase in its joint production of 26,000 barrels per day during the month of April, although it was still below its maximum quota, according to the monthly report prepared by the organization on the oil market.

Specifically, the 13 countries that make up the cartel produced 25,083 million barrels per day in the fourth month of the year, compared to 25,057 million the previous month. These data come from the secondary sources managed by OPEC, which are the only ones that offer reliable data for all countries.

In April, OPEC and its allies agreed to maintain the rate of increases planned for the coming months as part of their production control pact to maintain crude prices.

If the data from Venezuela, Libya and Iran, which do not participate in the agreement between OPEC and its allies, are discounted, the cartel produced 21,115 million barrels per day, below the 22,119 million it could have produced in the fourth month of the year, according to the limits set in the production control agreement.

The country that increased the pumping the most was Nigeria, with 75,000 more barrels. Behind were Iran (73,000 more) and Saudi Arabia (34,000 more). On the other hand, Venezuela reduced production by 81,000 barrels while Libya’s fell by 67,000.

K. Tovar

Source: Hellenin