Oil production by the Organisation of the Petroleum Exporting Countries (OPEC) slightly declined in April, despite plans to boost supply, according to a Reuters survey released on Thursday.
OPEC’s total output stood at 26.60 million barrels per day (bpd) in April, a drop of 30,000 bpd from March. The decline was mainly due to lower production from Venezuela, Iraq and Libya, which offset gains from Iran.
Venezuela saw the largest decline, as U.S. sanctions disrupted its oil exports, causing some shipments to be cancelled and vessels to return. Iraq also cut back production amid pressure to align with OPEC output targets.
OPEC, which includes non-OPEC members like Russia, had agreed to ease previous output cuts starting in April, with plans to ramp up further in May and June. However, the full increase may be affected by renewed U.S. efforts to restrict oil flows from Iran and Venezuela.
Despite higher quotas, top producers like Saudi Arabia, the UAE, and Kuwait maintained steady output levels. Iran, on the other hand, recorded the largest supply increase, as its exports rose despite U.S. pressure.
The report highlights ongoing complexities in balancing global oil supply amid sanctions, production agreements and shifting market dynamics.