Fundamentals

Opec-Plus: April Marks 11-Month Low in Crude Output

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
ss1683876295-OPEC logo
Shutterstock

Crude oil production by Opec-plus in April touched a low not seen since May 2022 as Iraqi output was hamstrung by shut-ins in Kurdistan and Russia began trimming refining throughput in the waning days of the month. The 37.47 million barrels per day produced by the 19 alliance members with a monthly target marked a 100,000 b/d decline compared to March and the lowest level in 11 months, according to Energy Intelligence’s preliminary assessment. When counting crude output including the four countries without a quota — Iran, Libya, Venezuela and Mexico — Opec-plus production was estimated at 43.46 million b/d last month, down 60,000 b/d and a 10-month low.

Topics:
Oil Supply, Crude Oil, Opec/Opec-Plus, Opec-Plus Supply
Wanda Ad #2 (article footer)
#
Now that the war premium has evaporated on ongoing Russian supplies, Brent's $75/bbl doesn't look outrageous based on fundamentals.
Tue, May 23, 2023
The number of units chasing oil ticked up this week, according to the oil-field services provider.
Fri, Jun 9, 2023
The extra Saudi output cut helps tighten inventories and markets, which could keep prices in the $70-$100 range for the next three years, exec says.
Thu, Jun 8, 2023