Force majeure in Libya and under-production in Nigeria have led to a much lower increase in OPEC production for the month of April than was called for by the cartel’s supply agreement. According to a Reuters survey, OPEC produced 28.58 million barrels per day in April, meaning that OPEC’s 10 members produced only 40,000 bpd more than in March. The output deal called for a 254,000 bpd increase for OPEC countries, and a 400,000 bpd increase overall for OPEC+ production for April. In March, OPEC alone increased its combined production by just 57,000 bpd, of which 54,000 bpd came from Saudi Arabia. From October 2021 through March 2022, OPEC output came in lower than the deal commitments, except for the month of February, the Reuters survey noted.

Source: Libya Today May 02, 2022 22:02 UTC