Opec crude production edged up 90,000 b/d in April to 30.34mn b/d, marking the group’s first collective production increase in six months. In the medium term, output looks set to trend upwards, but the immediate outlook is less predictable.
April’s production increase was the result of disparate drivers. Firstly, the key Middle East Gulf producers increased output from recent lows. Given that Saudi Arabia, Iraq and the UAE are the group’s three largest producers, this had a substantial impact on overall volumes. (CONTINUED - 897 WORDS)