Latest news

OPEC April oil output falls – Report


The Organisation of the Petroleum Exporting Countries’ oil output edged lower in April despite a scheduled output hike taking effect, a Reuters survey found.

The decline was led by a cut in Venezuelan supply on renewed United States attempts to curb the flows and smaller drops in Iraq and Libya.

The Organisation of the Petroleum Exporting Countries pumped 26.60 million barrels per day last month, down 30,000 bpd from March’s total, with cuts by some producers offsetting higher Iranian supply, the Reuters survey showed on Thursday.

The reduction comes despite OPEC+, which comprises OPEC and its allies, including Russia, beginning in April to unwind its most recent layer of output cuts.

The group plans to accelerate the hikes in May and June, citing supportive market fundamentals such as low inventories.

The full extent of the rises will depend partly on the impact of attempts by US President Donald Trump to clamp down on supply from Iran and Venezuela.

The biggest drop among OPEC members in April was from Venezuela, where exports declined as cargo cancellations to US oil company Chevron forced ships to return.

Iraq, which is under pressure to boost compliance with OPEC+ output quotas, also curbed output, the survey found.

It was disclosed that there was little change in output from top producer Saudi Arabia, and in Gulf members the United Arab Emirates and Kuwait, despite higher OPEC+ quotas for April.

“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.

“Among countries pumping more, Iran boosted exports in April, and provided OPEC’s largest output hike, with the latest US measures having little impact on output,“ the report read partly.

Tags :

Related Posts

Must Read

Popular Posts

The Battle for Africa

Rivals old and new are bracing themselves for another standoff on the African continent. By Vadim Samodurov The attack by Tuareg militants and al-Qaeda-affiliated JNIM group (Jama’a Nusrat ul-Islam wa al-Muslimin) against Mali’s military and Russia’s forces deployed in the country that happened on July 27, 2024 once again turned the spotlight on the activities...

I apologise for saying no heaven without tithe – Adeboye

The General Overseer of the Redeemed Christian Church of God, Pastor Enoch Adeboye, has apologised for saying that Christians who don’t pay tithe might not make it to heaven. Adeboye who had previously said that paying tithe was one of the prerequisites for going to heaven, apologised for the comment while addressing his congregation Thursday...

Protesters storm Rivers electoral commission, insist election must hold

Angry protesters on Friday stormed the office of the Rivers State Independent Electoral Commission, singing and chanting ‘Election must hold’. They defied the heavy rainfall spreading canopies, while singing and drumming, with one side of the road blocked. The protest came after the Rivers State governor stormed the RSIEC in the early hours of Friday...

Man who asked Tinubu to resign admitted in psychiatric hospital

The Adamawa State Police Command has disclosed that the 30-year-old Abdullahi Mohammed who climbed a 33 kv high tension electricity pole in Mayo-Belwa last Friday has been admitted at the Yola Psychiatric hospital for mental examination. The Police Public Relations Officer of the command SP Suleiman Nguroje, told Arewa PUNCH on Friday in an exclusive...