Opec crude oil production fell by 230,000 b/d in April to 26.42mn b/d, its lowest level since January. The key driver of the monthly decline was a combined 180,000 b/d drop from Iran and Iraq, with modest changes elsewhere largely offsetting each other.
This will be the last full month’s production data available for the next Opec+ ministerial meeting in Vienna on 1 June. All eyes then will be on whether Saudi Arabia and its allies opt to extend their 2.2mn b/d voluntary cuts into the second half of the year. The eight participating countries agreed to a three-month extension to end-June in March, following when the cuts are to be gradually eased (MEES, 8 March). (CONTINUED - 809 WORDS)
