OPEC countries’ oil production reached 32.52 million barrels per day (mb/d) in April.
That’s 140,000b/d higher compared to March, new data released by S&P Global Platts revealed.
The increase was due to Iran and Iraq’s production which rose by 150,000b/d each after OPEC and non-OPEC producers failed to agree on a proposal to freeze output, it stated.
Iraq’s output in April rose to 4.31mb/d. The country said it is targeting its production to rise to 4.8mb/d by the end of this year.
Iran pumped 3.38mb/d last month and its production is now up by 490,000b/d since December. The figure is close to the 500,000b/d target the country set after sanctions were lifted in January, the report added.
Saudi Arabia however saw a 20,000b/d decline in output to 10.18mb/d due to field maintenance.
Kuwait’s production also fell to 2.68mb/d, a decrease of 100,000b/d from March while Nigerian production slumped to 1.67mb/d as militant attacks were intensified, the report stated.
Venezuela’s oil sector “continues to suffer from power rationing” while Ecuador’s “more stable” oil industry was hit by an earthquake that impacted operations at some of its pipelines and refineries, it added.