• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 1 hour GREEN NEW DEAL = BLIZZARD OF LIES
  • 4 hours How Far Have We Really Gotten With Alternative Energy
  • 6 hours If hydrogen is the answer, you're asking the wrong question
  • 4 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 5 days The European Union is exceptional in its political divide. Examples are apparent in Hungary, Slovakia, Sweden, Netherlands, Belarus, Ireland, etc.
  • 19 hours Biden's $2 trillion Plan for Insfrastructure and Jobs
  • 4 days "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
New Tech Could Make Hydrogen Cars a Commercial Reality

New Tech Could Make Hydrogen Cars a Commercial Reality

South Korean researchers have developed…

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

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





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News