• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 2 hours Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 21 hours Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 2 hours Pepe Escobar: “How The Houthis Overturned The Chessboard”
  • 12 mins Shale profitability
  • 21 hours Instagram Now Banning Photos Of People At Gun Ranges, Claiming They Promote "Violence"
  • 2 hours A little something for all you Offshore swabbies
  • 1 day Famous Manufacturer of Anti-Ethanol Additives Proves Ethanol's Safety and Benefits
  • 14 hours Let's shut down dissent like The Conversation in Australia
  • 3 hours Democrats and Gun Views
  • 12 hours US and China are already in a full economic war and this battle for global hegemony is a little bit frightening
  • 1 day One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 1 day Trump Accidentally Discusses Technology Used In The Border Wall
Alt Text

The U.S. Briefly Overtook Saudi Arabia In Gross Oil Exports

The United States briefly overtook…

Alt Text

Aramco’s Oil Disruptions Could Last Months: Analyst

Energy Aspects’ chief oil analyst…

Alt Text

Oil Prices May Slump Heavily In 2020

OPEC has decided not to…

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