Get 40% Off
💰 Warren Buffet reveals a $6.72 billion stake in ChubbCopy Portfolios

OPEC oil output falls in April, led by Iran and Iraq, survey finds

Published 30/04/2024, 16:51
© Reuters. FILE PHOTO: A view of the logo of the Organization of the Petroleum Exporting Countries (OPEC) outside their headquarters in Vienna, Austria, November 30, 2023. REUTERS/Leonhard Foeger/File Photo
FESEc1
-

By Alex Lawler

LONDON (Reuters) -OPEC oil output has fallen in April, a Reuters survey found on Tuesday, reflecting lower exports from Iran, Iraq and Nigeria against a backdrop of ongoing voluntary supply cuts by some members agreed with the wider OPEC+ alliance.

The Organization of the Petroleum Exporting Countries pumped 26.49 million barrels per day (bpd) this month, down 100,000 bpd from March's revised total, the survey, based on shipping data and information from industry sources, found.

Several members of OPEC+, which includes OPEC, Russia and other allies, made new cuts in January to counter economic weakness and increased supply outside the group. Producers agreed in March to keep the cuts in place until the end of June.

OPEC+ is scheduled to meet on June 1 to decide its next output policy steps.

The biggest output reductions in April came from Iran, Nigeria and Iraq, the survey found.

Output in Iran, exempt from quotas, slipped from an upwardly revised March figure that equalled a five-year high reached in November, the survey found. Iran posted one of OPEC's biggest output increases in 2023 despite U.S. sanctions still in place.

Iraq in March promised to lower exports to make up for pumping above its OPEC target, but data on Monday showed it missed the pledge last month. April output is down slightly from March, according to the survey.

Nigerian production declined, with exports falling more sharply according to some ship trackers as the Dangote refinery took in more cargoes. An outage briefly affected the Bonny production stream, a source said.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

OPEC fell about 140,000 bpd short of its targeted cuts in April, largely because of Iraq and Gabon pumping more than they had aimed for, the survey found. Nigeria is pumping below its target, unlike earlier in the year.

Saudi production edged up and there were small increases from Congo, Equatorial Guinea and Gabon, the survey found.

The Reuters survey aims to track supply to the market and is based on shipping data provided by external sources, LSEG flows data, information from companies that track flows - such as Petro-Logistics and Kpler - and information provided by sources at oil companies, OPEC and consultants.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.