• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 12 hours California's Oil Industry Collapses Despite Shale Boom
  • 17 hours Knock-Knock: Aircraft Carrier Seen As Barometer Of Tensions With Iran
  • 21 hours The Consequences: Full-Blown Trade War Will Push World Towards Recession
  • 5 hours Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 13 mins Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? To get Jared (Frisch School 2.8 GPA) a Mideast win with peace deal ? China greatest threat next 50 years.
  • 39 mins Greenpeace Blocks BP HQ
  • 21 hours IMO2020 To scrub or not to scrub
  • 16 hours UK Needs New Wind Turbines
  • 15 hours Will Canada drop Liberals, vote in Conservatives?
  • 7 hours Shale to be profitable in 2019!!!
  • 22 hours Did Saudi Arabia pull a "Jussie Smollett" and fake an attack on themselves to justify indiscriminate bombing on Yemen city population ?
  • 7 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 22 hours 6 Ways to Fight Climate Change
  • 1 day Global Warming Making The Rich Richer
  • 1 day California Threatens Ban on ICE Cars
Alt Text

Meet America’s Newest $9 Trillion Climate Change Solution

Democratic Presidential hopeful and Washington…

Alt Text

A Value Play Too Good To Ignore

The coal industry may be…

Alt Text

Saudi Arabia Strikes Back In Yemen

Saudi Arabia has launched an…

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

Trending Discussions

OPEC Oil Output Sees Small Dip In April Despite Deep Cuts

Crude oil production in the Organisation of Petroleum Exporting Countries fell by just 45,000 bpd in April, according to the cartel’s latest Monthly Oil Market Report, despite continued deep cuts by the largest producer, Saudi Arabia and continued decline in Venezuela and Iran.

According to secondary sources, Iran registered the deepest decline in production in April, by 154,000 bpd to 2.554 million bpd. Interestingly, Iraq booked the second-largest decline, at 113,000 bpd to 4.63 million bpd. Saudi Arabia produced 45,000 bpd less crude oil in April than in march, at 9.742 million bpd.

At the same time, Venezuela’s oil production decline was reversed last month, with output rising by a daily average of  28,000 bpd to 768,000 bpd. Still, this daily average production rate is a lot below what Venezuela produced last year: that average was 1.3354 million bpd.

OPEC has been doing its best to reduce production sufficiently to boost prices to a level more acceptable to the producers’ club, but uncertainty around where prices are headed for the rest of the year has remained. Despite Venezuelan and especially Iranian sanctions from the U.S., the outlook for prices has not become clearer as nobody knows for sure how much Iranian production will decline following the removal of sanction wavers at the start of this month.

Earlier in the month, unnamed sources told Reuters that lOPEC is having a hard time predicting its next steps in the production cut agreement and in general. Unforeseen events such as Russia’s temporary suspension of exports via the Druzhba pipeline following contamination are interfering with the cartel’s estimates of the most likely supply drop by the end of the year, making it harder to decide on whether to continue the cuts or start pumping more as large importers would like.

Meanwhile, prices have steadied at around US$71 for Brent and US$61 for West Texas Intermediate as the new tariff exchange between Washington and Beijing has countered the bullish effect of supply outages and sanctions.

By Irina Slav for Oilprice.com

More Top Reads From Oilprice.com:




Download The Free Oilprice App Today

Back to homepage

Trending Discussions


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News