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OPEC Production Declined 310kbpd in April: Bloomberg Survey

OIL

OPEC’s oil production declined by 310kbpd to 28.8mbpd last month led by supply disruptions from Iraq and Nigeria according to a Bloomberg survey.

  • Iraq accounted for about 80% of the drop decreasing by 250kbpd to 4.13mbpd after the halt to about 500kbpd of Kurdish oil exports via Turkey.
  • Industrial action in Nigeria resulted in a force majeure at terminals and the cancellation of shipments from several terminals last month. Nigeria output fell by 120kbpd to 1.32mbpd but production and exports resumed last week.
  • Production from the OPEC+ alliance is expected to decline by another 1.2mbpd this month as voluntary production cuts are implemented. The implementation of the planned 500kbpd production cuts from Russia since the start of March remains unclear.
Energy BulletsCommodities
Energy BulletsCommodities

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