• 4 minutes 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 7 minutes Nucelar Deal Is Dead? Iran Distances Itself Further From ND, Alarming Russia And France
  • 10 minutes Don Jr. Tweets name Ukraine Whistleblower, Eric Ciaramella. Worked for CIA during Obama Administration, Hold over to Trump National Security Counsel under Gen McCallister, more . . . .
  • 13 minutes Shale pioneer Chesepeak will file bankruptcy soon. FINALLY ! The consolidation begins
  • 2 hours More dumbed down? re Hong Kong Act of Congress
  • 3 hours EU has already lost the Trump vs. EU Trade War
  • 6 hours Pope Proposes New Sin: Thou Shalt Not Destroy The Harmony Of The Environment
  • 8 hours Article: Did Exxon only make $39 Million onshore U.S. last quarter ?
  • 1 hour What are the odds of 4 U.S. politicians all having children working for Ukraine Gas Companies?
  • 2 hours U.S. Shale Output may Start Dropping Next Year
  • 9 hours U.S. Shale To Break Records Despite Bearish Rhetoric
  • 3 hours Petroleum Industry Domain Names
  • 1 hour Aramco IPO magic trick
  • 2 hours PennEast Appealing Wacky 3rd Circuit Decision to Supreme Court
  • 21 hours Impeachment S**te
  • 13 hours Visualizing Pennsylvania Oil & Gas Production (Through September 2019)
  • 2 hours China 2019 - Orwell was 35 years out
  • 7 hours Last I Checked
Alt Text

The World’s Most Vulnerable Oil

The modern geopolitical landscape is…

Alt Text

U.S. Shale Producers Slash Spending Once Again

US shale producers are cutting…

Alt Text

U.S. Shale Will Soon Produce More Oil Than All Of Russia

Despite growing pessimism in the…

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

More Info

Premium Content

Oil Slips Despite Bullish OPEC Report

Crude oil production in OPEC inched up by a modest 30,000 bpd to 30.26 million bpd last month, a survey by S&P Global Platts suggested, after four months of steady declines.

While production in Iran declined as a result of U.S. sanctions, as did output in Angola, which is struggling to boost investment in its oil and gas industry, recoveries elsewhere propped up the total. Among the risers in the oil cartel were Nigeria, Iraq, and Libya.  Surprisingly, even production in Venezuela stabilized last month, the S&P Global Platts revealed.

The organization’s largest producer, Saudi Arabia, kept its production rate stable in April, the survey also found, at an average 9.82 million bpd. Reports from earlier this month had it that the Kingdom planned to increase its oil production in June but not exports as local demand would soak up the additional output without it affecting international prices.

Iran, however, saw an estimated 120,000-bpd drop in its production last month, to 2.57 million bpd. The reason was that many importers of Iranian crude stopped buying it in anticipation of the May 1 expiry of U.S. sanction waivers that Washington granted to eight large importers. In the coming months, analysts predict further declines in the country’s oil production as importers comply with sanctions with the possible exception of China, which has stated it will not comply with the U.S. sanctions.

In March, Goldman Sachs’s commodities chief Jeffrey Currie said the bank expected OPEC to clear the oil glut by April thanks to the OPEC+ agreement and the overcompliance of some members, notably Saudi Arabia, but also the usual suspects: Venezuela and Iran. Indeed, the cartel has been cutting deep, but rising production from the United States has curbed the positive effect of these cuts on prices even after the expiry of the sanction waivers for Iran.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play