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Reuters survey: OPEC oil output near record high in April

Saudi Arabia's oil output rose to a record high of 11.3 million barrels per day (bpd) in April, as the kingdom put pedal to the metal following the collapse of an OPEC-led supply pact, Reuters reported.

April's output was the highest by the body since March 2019, according to Reuters survey records.

Meanwhile, the 13-member Organisation of the Petroleum Exporting (OPEC) countries pumped 30.25 million bpd in April, the highest output in 13-months.

In April, while most OPEC nations boosted production, Venezuela, Iran and Libya all reduced output due to internal issues like the coronavirus outbreak or US sanctions.

READ: Covid-19 and the oil market crash spell the end for US hegemony and the petrodollar

On 12 April, OPEC+ members, a group of 24 nations led by Russia and Saudi Arabia, agreed to cut output by around ten million barrels per day. The agreement is set to take effect today and will extend through the end of June.

According to OPEC, the cuts will then decrease to 7.7 million bpd from July through the end of 2020, and 5.8 million bpd from January 2021 through April 2022.

OPEC+ members will meet again on 10 June to determine if further action is needed.

Europe & RussiaInternational OrganisationsMiddle EastNewsOPECRussiaSaudi ArabiaUS
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