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OPEC output unchanged at 31.85 million b/d

Staff Writer | May 5, 2017
The 10 Organization of the Petroleum Exporting Countries (OPEC) members' crude output stayed unchanged in April at 31.85 million barrels per day compared to March, according to an S&P Global Platts survey.
OPEC output
Oil exploration   The April production figures
OPEC is still showing high compliance with its production cut agreement, as increases in Angola and Nigeria were offset by declines from Libya and Iraq.

Thus, the April production figures in the S&P Global Platts survey and the five other secondary sources used by OPEC to monitor output will be some of the final data points that the organization considers at its meeting.

OPEC's collective April output was some 80,000 b/d above its stated ceiling of 32.5 million b/d, when Indonesia, which typically produces about 730,000 b/d, is added in. Indonesia suspended its OPEC membership in November and is not included in the S&P Global Platts survey estimates for 2017.

OPEC's largest producer Saudi Arabia averaged 9.97 million b/d in April, according to the survey, below its quota under the deal of 10.058 million b/d.

The kingdom is seen as a driver of OPEC's production cut deal, with energy minister Khalid al-Falih saying at a conference in Abu Dhabi last month that there appeared to be a growing consensus on a need to extend the cuts, as global inventories remain stubbornly high.

Iran, which is allowed a slight output increase under the deal, held production steady in April at 3.77 million b/d, the survey found, below its quota of 3.797 million b/d.

The UAE, also under pressure from fellow OPEC members to come into compliance with its quota, lowered production slightly to 2.84 million b/d, down 10,000 b/d from March, the survey found.


 

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