OPEC group pumps less oil in April than the previous month | World Business Watch

OPEC group pumps less oil in April than the previous month | World Business Watch | WION

now we shift our Focus to oil markets the organization of petroleum exporting countries crude production stayed steady in April leaving the group’s latest cutback plan incomplete the OPEC group pumped 26.8 one million barrels a day in April that’s about 50,000 a day less than the previous month minor increase by Libya and Iraq were offset by reductions in Iran and Nigeria consequently the group’s agreements to limit supplies at the beginning of the year to prevent a surplus from remains incomplete however Iraq and the UAE are still exceeding their agreed upon daily oil production quotas by several 100,000 barrels the OPEC members have benefited financially from rising oil prices despite the weak economic climate and this is largely thanks to the production cuts that were implemented by Saudi Arabia Kuwait and Algeria among others the biggest change last month was in Libya the North African nation is exempt from OPEC plus targets while the oil industry remains severely damaged by years of internal conflict the 22 Nation OPEC plus Alliance is due to meet on the 1st of June to decide whether to extend its current output curbs into the second half of the year for latest news download the Von app And subscribe to our YouTube channel

The Organisation of Petroleum Exporting Countries’ (OPEC) crude production stayed steady in April, leaving the group’s latest cutback plan incomplete.

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