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OPEC April output lower but still above target: Platts

Crude oil production in OPEC's 12 member nations declined to an average 28.84 million barrels per day (b/d) in April, from 29.17 million in March, according to survey results announced Monday by industry information provider Platts.

Saudi Arabia, Libya and Angola accounted for almost the entire production decline, Platts said.

Excluding Iraq, which does not participate in OPEC production agreements, the average output among the 11 nations that abide by quota arrangements came to an average 26.18 million b/d, lower from the preceding month's 26.52 million, according to the Platts data.

The latest estimates indicate the OPEC-11 "overproducing" its official target of 24.845 million b/d by 1.385 million b/d, Platts said.

"There had been a suggestion earlier this month that OPEC kingpin Saudi Arabia might want to see OPEC raise its official output target at the upcoming June 8 meeting to a level closer to actual production. Subsequent soundings would appear to rule out such a move, however," the Platts report added.

Libya registered the steepest decline, with its March output of 460,000 b/d shrinking in April to just 200,000 b/d because of the political conflict in the country.

Saudi Arabia, the largest producer, had earlier announced a production cutback of some 700,000 b/d to around 8.29 million b/d in March in response to a perceived market oversupply.

Industry sources surveyed by Platts, however, said the figure might not have been intended as an average for the month, noting that the kingdom had submitted a figure of 8.655 million b/d to the International Energy Forum's Joint Oil Data Initiative for March.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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