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OPEC oil output falls by 90,000 bpd in April: survey

Published Updated

LONDON: The following table shows crude oil output by the Organization of the Petroleum Exporting Countries (OPEC) in millions of barrels per day (bpd) in April and March, according to a Reuters survey published on Tuesday.

OPEC, Russia and other non-members, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million bpd in 2019. OPEC's share of that cut is 800,000 bpd among the 11 members participating in the deal.

The April survey indicates that output from the 11 OPEC members with supply-reduction targets rose by 110,000 bpd from March, while total OPEC output dropped by 90,000 bpd.

Compared with the levels from which they agreed to cut, which in most cases were October 2018 output, the 11 members have reduced production by 1.069 million bpd. Given the pledged reductions total 812,000 bpd, that equates to 132 percent compliance.

March production was revised down by 80,000 bpd due to changes in the Kuwait and Saudi estimates.

Copyright Reuters, 2019

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