OPEC Oil Output at 4-Year Low in April

OPEC oil supply hit a four-year low in April due to further involuntary declines in sanctions-hit Iran and Venezuela and output restraint by top exporter Saudi Arabia.
The 14-member Organization of the Petroleum Exporting Countries pumped 30.23 million barrels per day this month, the survey showed, down 90,000 bpd from March and the lowest OPEC total since 2015, the Reuters survey showed.
The survey suggests that Saudi Arabia and its Persian Gulf Arab allies are maintaining even larger supply cuts than called for by OPEC’s latest deal, shrugging off pressure from US President Donald Trump.
Crude oil is trading above $73 a barrel and hit a six-month high above $75 last week, boosted by Saudi supply restraint and curbs in Venezuela and Iran, which face US sanctions that are limiting their exports.
“The Iran sanctions come on top of already fragile supplies and raise concerns about tightening markets,” Norbert Ruecker of Swiss bank Julius Baer said.
OPEC, Russia and other non-members, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from January 1. OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.
In April, the 11 OPEC members bound by the agreement achieved 132% of pledged cuts, the survey found, compared to 145% in March, due to higher production in Nigeria and small increases in Saudi Arabia and Iraq.