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OPEC’s Output Edges Downward In April, But West African Output Climbs

Oil

OPEC’s crude oil production in April decreased by 18K b/d m-o-m and by 1.22M b/d compared to October 2016 to 31.73M b/d, according to secondary sources data from the organisation’s Monthly Oil Market Report. The largest m-o-m declines came from Middle Eastern and North African producers including Libya (-62K b/d), the UAE (-62K b/d), Iraq (-39K b/d) and Iran (-35K b/d), although notably Saudi Arabia raised its output by 51K b/d. In contrast, West African producers saw the largest gains with Angola and Nigeria raising their output by a combined 148K b/d.