A Reuters survey has found that OPEC oil output has fallen in April, 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 (OPEC) pumped 26.49 million barrels per day (bpd) this month, down 100,000 bpd from March’s revised total, the survey 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.
The biggest output reductions in April came from Iran, Nigeria and Iraq, the survey found. Output in Iran, which is exempt from quotas, slipped from an upwardly revised March figure that equalled a five-year high reached in November. Iraq, which had promised to lower exports to make up for pumping above its OPEC target, missed the pledge last month, and April output is down slightly from March.
Nigerian production declined, with exports falling more sharply as the Dangote refinery took in more cargoes. An outage briefly affected the Bonny production stream, a source said.
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. Saudi production edged up, and there were small increases from Congo, Equatorial Guinea and Gabon.
The Reuters survey aims to track supply to the market and is based on shipping data, information from companies that track flows, and information provided by sources at oil companies, OPEC and consultants.