Oil production by the Organisation of the Petroleum Exporting Countries (OPEC) dipped slightly in April, despite a planned increase in output, according to a Reuters survey published on Thursday. The decline was primarily attributed to reduced supply from Venezuela, where fresh U.S. sanctions disrupted shipments, alongside smaller decreases in Iraq and Libya.
OPEC’s total output for April stood at 26.60 million barrels per day, marking a modest drop of 30,000 bpd from March. This fall came even as OPEC+, which includes non-OPEC partners such as Russia, began to ease its most recent voluntary production cuts at the start of the month. The group intends to ramp up output further in May and June, citing favourable market conditions like low global oil inventories.
However, the extent of future output increases remains uncertain, with potential impacts from the United States’ renewed attempts to restrict oil exports from both Venezuela and Iran. In April, Venezuela recorded the sharpest decline among member nations, with shipping disruptions linked to the cancellation of cargoes by Chevron leading to a return of some tankers.
Iraq also registered a reduction in output as it faced international pressure to better adhere to OPEC+ production quotas. Production levels in Saudi Arabia, the UAE, and Kuwait—three of the group’s leading Gulf members—remained largely unchanged, despite increased quotas for April.
While official OPEC data suggests that Iraq and the UAE are operating close to their targets, the International Energy Agency (IEA) has challenged this, indicating they may be producing more than reported.
Iran, meanwhile, bucked the broader trend by increasing its oil exports, contributing the largest production hike among OPEC members. According to the survey, recent U.S. measures have had little to no effect on Iranian output so far.
The Reuters survey, which tracks oil supplied to the market, compiles data from sources including LSEG, flow-tracking firms like Kpler, and industry insiders across oil companies, OPEC, and consultancy groups.