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OPEC oil output fell in April due to lower exports from Iran, Iraq, and Nigeria, amid voluntary supply cuts by some OPEC+ members. These cuts, agreed to in January and maintained through June, aimed to counter economic weakness and increased supply outside the group. Iran's output, exempt from quotas, slipped from a five-year high in March, and Iraq missed its pledge to lower exports. This will lead to lower revenue for Iraq and Iran but ensure relative stability in oil production due to OPEC regulations.

OPEC Oil Output Falls in April, Led by Iran and Iraq, Survey Finds

OPEC oil output fell in April due to lower exports from Iran, Iraq, and Nigeria, amid voluntary supply cuts by some OPEC+ members. These cuts, agreed to in January and maintained through June, aimed to counter economic weakness and increased supply outside the group. Iran’s output, exempt from quotas, slipped from a five-year high in March, and Iraq missed its pledge to lower exports. This will lead to lower revenue for Iraq and Iran but ensure relative stability in oil production due to OPEC regulations.

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