The Organisation of the Petroleum Exporting Countries’ (OPEC) oil output in April stayed unchanged from March at 31.85 million barrels per day (b/d).
That’s according to a new S&P Global Platts report, which shows the group is still showing high compliance with its production cut agreement, producing below its stated ceiling of 32.5 million b/d.
This month, increases in Angola and Nigeria were offset by declines from Libya and Iraq.
OPEC’s largest producer, Saudi Arabia, averaged 9.97 million b/d in April, below its quota of 10.058 million b/d.
Iraq, which has faced criticism for not fully complying with required cuts, produced 4.36 million b/d in April, 9,000 b/d above its target.
This is the closest the nation has been to compliance so far.
Angola saw output rise by 80,000 b/d to 1.68 million b/d, as new production came online in its offshore East Hub development.
Nigeria also saw output increase to 1.65 million b/d as maintenance on key export field Bonga ended and production ramped up.
Nigeria and Libya, both impacted heavily by militancy over the last year, are exempt from the production deal – this has led to some concern as to the effectiveness of the agreement, if production from the two countries were to recover and offset any supply cuts.
Herman Wang, OPEC Specialist at S&P Global Platts, said: “OPEC members can go into their May 25 meeting in Vienna feeling good about their compliance levels.
“Even countries, like Iraq and the UAE, which have come in for some criticism over their production levels, moved closer to compliance in April.”
The price of oil has fallen to its lowest level since November last year.