Opec crude oil production increased by 180,000 b/d in April, driven by the continued resurgence of Iranian output amid ongoing nuclear negotiations. At 25.20mn b/d, the group has now put together back-to-back monthly production increases and more is to come as Opec+ production cuts begin to ease from May.
Underlining the extraordinary events of the past 12 months, April production was down 5.71mn b/d year-on-year. This time last year, producers were pumping as much as they could, following the temporary breakdown of the Opec+ producer alliance in Vienna in March 2020, with Saudi Arabia output at a record 11.87mn b/d (MEES, 8 May 2020). (CONTINUED - 604 WORDS)