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. This suggests a shortfall of some 214,000…OPEC Has Missed Its Oil Output Target Once Again
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