OPEC + Crude oil production in April increased by 210,000 barrels per day

According to a report from Petroleum News in London on May 10, 2021, Russia, where the implementation rate of a production reduction agreement has been increasingly questioned, has once again increased its crude oil production, thus bringing OPEC and its allies' total crude oil production in April to reach The high position in the past 3 months.

The survey found that OPEC produced an average of 25.

The increase in crude oil production indicates that OPEC + crude oil will hit the global market in the next few months.

As global crude oil demand is expected to continue to rise, the OPEC+ alliance plans to reduce production quotas by 350,000 barrels/day in May, 350,000 barrels/day in June, and 441,000 barrels/day in July, for a total of 3 months.

At the same time, Saudi Arabia stated that it will gradually end voluntary production cuts during this period, with a daily cut of 250,000 barrels in May, 350,000 barrels in June, and 400,000 barrels in July.

The survey found that Saudi Arabia’s average daily crude oil production in April was 8.

The 10 OPEC member states and the 9 non-OPEC oil-producing countries that have quotas for production reductions reached 111% in April.

The main non-OPEC partner Russia produced an average of 9.

　　The daily crude oil output of Iraq and Nigeria in April was 3.

　　Li Jun compiled from Petroleum News

　　The original text is as follows:

　　OPEC+ crude oil production rises in April, on surges from Iran, Russia: Platts survey

　　An increasingly compliance-challenged Russia also boosted its output yet again, bringing total production by OPEC and its allies to a three-month high.

　　OPEC produced 25.

　　The rising output is a preview of the wave of OPEC+ crude set to hit the market over the next few months.

　　In anticipation of rising global oil demand, the alliance plans to roll back its quotas by a 350,000 b/d in May, another 350,000 b/d in June, and 441,000 b/d in July, for a total 1.

　　Meanwhile, Saudi Arabia - which has been reining in an extra 1 million b/d to help support the market - has said it will end its voluntary cut gradually over that span, releasing 250,000 b/d in May, 350,000 b/d in June and 400,000 b/d in July.

　　The country averaged production of 8.

　　The 10 OPEC members with quotas under the deal and the nine non-OPEC allies achieved a conformity level of 111% in April.

　　Russia, the main non-OPEC partner, pumped 9.
50 million b/d of crude, a rise of 160,000 b/d from March and well above its quota of 9.
38 million b/d, with seaborne exports surging in the month.

　　Iraq, which produced 3.
97 million b/d, and Nigeria, at 1.
60 million b/d, also contributed to worsening compliance, hitting their highest levels since May 2020, driven by higher crude exports.