OPEC’s compliance with oil production cuts deal 122% in April ― Report

The Organisation of the Petroleum Exporting Countries (OPEC) says its compliance with the OPEC+ oil production cuts deal totalled 122 per cent in April, as production averaged 25.08 million barrels per day.

In March, OPEC’s compliance with the production cuts deal was 124 per cent, at 25.04 million barrels per day.

“According to secondary sources, total OPEC-13 crude oil production averaged 25.08 mb/d in April 2021, up by 0.03 mb/d m-o-m.

“Crude oil output increased mainly in Nigeria, IR Iran, and Saudi Arabia, while production decreased primarily in Venezuela, Libya and…