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OPEC' s April output highest since November

BY SARAH KENT

VIENNA – OPEC’s production rose in April to its highest level since November, though it remained well shy of the 31 MMbopd mark hit at the end of last year, a Dow Jones Newswires survey of industry sources and analysts showed.

Crude oil production from the OPEC averaged 30.466 MMbopd in April, up about 240,000 bopd from 30.226 MMbopd in April. This is the highest the producer group' s output has been since Saudi Arabia slashed production by almost 5% at the end of last year in response to lower demand from Asian customers.

Last month' s increase in production was largely the result of higher output from Iraq, Libya, the United Arab Emirates and Iran.

The uptick in Iran' s production comes despite the fact that the United States Energy Information Administration (EIA) said that sanctions cut the country' s oil exports last year to their lowest since 1986.

Dow Jones Newswires assesses OPEC output from data supplied by primary sources, traders and analysts. Totals may not add up due to independent rounding of numbers. In its December, 2011, meeting in Vienna, OPEC agreed to a new production ceiling of 30 MMbopd applying to all members, but without individual quotas for each country.

Dow Jones Newswires

05/01/2013

 

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