OPEC Oil Supply in April Hits A Four-Year Low


Reuters survey found that April’s oil production from OPEC members was at 30.23 million bpd, 90,000 lower than March and is the lowest since 2015.

The four-year low oil supply is linked to production cut policy and the drop of exports from Iran and Venezuela as a result of U.S. sanctions.

The survey found that 11 of the 14 members achieved 132% of pledged cuts compared to 145% in March. Meanwhile, the involuntary production drop from Iran and Venezuela hit 150,000 bpd and 100,000 bpd respectively.

 


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