Gas Oil

OPEC’s compliance with oil production cuts deal 122% in April – Report

The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day.

In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per day.

“According to secondary sources, total OPEC-13 crude oil production averaged 25.08 mb/d in April 2021, up by 0.03 mb/d m-o-m.

“Crude oil output increased mainly in Nigeria, IR Iran and Saudi Arabia, while production decreased primarily in Venezuela, Libya and Angola,’’ OPEC said in its monthly report released on Tuesday.

According to the report, non-OPEC liquids output including OPEC NGLs in April fell by 0.18 million barrels per day month to month, to an average of 67.97 million barrels per day (down by 1.16 million barrels year on year).

“As a result, global oil supply decreased in April by 0.15 mb/d m-o-m to average 93.06 mb/d, down by 6.45 mb/d y-o-y.’’

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