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OPEC countries’ oil output in April 1.3 mln barrels per day below OPEC+ agreements

In April, real production by OPEC nations totaled 24.114 mln barrels per day, 1.302 mln barrels per day less than the level stipulated by the OPEC+ agreement

MOSCOW, May 11. /TASS/. OPEC countries reduced oil production by 191,000 barrels per day in April 2023 to 28.603 mln barrels per day, the Organization of Petroleum Exporting Countries (OPEC) said in its May report on Thursday. Meanwhile OPEC nations (excluding Iran, Libya and Venezuela) participating in the OPEC+ agreement reduced output by 260,000 barrels per day to 24.114 mln barrels per day, which is 1.302 mln barrels per day lower than the level stipulated by the agreement.

According to the plan, OPEC+ countries were to reduce output by 2 mln barrels per day from the August level starting November 2022. In particular, ten OPEC members were to cut production by 1.273 mln barrels per day to 25.416 mln barrels per day as agreed. Meanwhile in November OPEC countries already produced almost 1 mln barrels per day less than suggested by new quotas, with production standing at 24.478 mln barrels per day. In April, real production by OPEC nations totaled 24.114 mln barrels per day, 1.302 mln barrels per day less than the level stipulated by the OPEC+ agreement.

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