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OPEC+ countries cut output by 170,000 bpd in April, mainly due to Russia — IEA

Among the countries that have announced new oil production cuts from January 2024, Iraq, the UAE, and Kazakhstan are also lagging behind the plan

MOSCOW, May 15. /TASS/. Countries participating in the OPEC+ agreement in April 2024 reduced oil production by 170,000 barrels per day (bpd) to 34.48 mln bpd, according to the May report of the International Energy Agency (IEA). This decline volume included 150,000 bpd in Russia.

The target level of production by OPEC+ countries under the deal, taking into account voluntary cuts, was 33.97 mln bpd in April, while actual production reached 34.48 mln bpd compared to 34.65 mln bpd in March. Thus, the plan was exceeded at 510,000 bpd.

In April, Russia reduced production compared to March by 150,000 bpd to 9.3 mln bpd, but at the same time produces 200,000 bpd above its quota. Saudi Arabia slightly increased production by 10,000 bpd to 9.03 mln bpd, exceeding its quota by 50,000 bpd.

Among the countries that have announced new oil production cuts from January 2024, Iraq (producing 240,000 bpd over the agreed volume), the UAE (240,000 bpd over), and Kazakhstan (130,000 bpd over) are also lagging behind the plan.

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