OPEC crude oil production up in April

13 May 2020 20:39 (UTC+04:00)

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According to secondary sources, total OPEC-13 preliminary crude oil production averaged 30.41 million barrels per day (mb/d) in April, higher by 1.80 mb/d month-on-month, Trend reports citing OPEC’s Monthly Oil Market Report (MOMR).

Crude oil output increased mainly in Saudi Arabia, the UAE and Kuwait, while production decreased primarily in Angola, Nigeria, IR Iran and Iraq, said the cartel.

“In addition to the agreed production adjustments that should take effect as of 1 May 2020, on 12 May, Saudi Arabia, the UAE and Kuwait announced that they would voluntarily deepen oil output adjustments from June, by 1 mb/d, 100,000 b/d and 80,000 b/d, respectively, in an effort to expedite draining a global supply glut and rebalancing the oil market,” reads the report.

The share of OPEC crude oil in total global production increased by 1.9 percentage points to 30.6 percent in April compared with the previous month. Estimates are based on preliminary data from direct communication for non-OPEC supply, OPEC NGLs and non-conventional oil, while estimates for OPEC crude production are based on secondary sources.

OPEC NGLs and non-conventional liquids are estimated to have grown by 0.04 mb/d in 2019 to average 4.79 mb/d, unchanged from last month’s assessment, following growth of 0.12 mb/d in 2018.

OPEC NGL output in March declined by 0.03 mb/d to average of 4.87 mb/d. Preliminary production in April also indicates a further decline. The preliminary 2020 forecast indicates growth of 0.04 mb/d to average 4.83 mb/d, representing an upward revision by 0.01 mb/d, due to higher-than-expected NGL output in 1Q20.

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