OPEC oil production fell to its lowest level in five years
OPEC's oil production fell to a five-year low as it did not compensate for an increase in lost supplies in Iran and Venezuela due to US sanctions and production disruption in other countries, a Reuters survey showed.
The survey shows that the Organization of Petroleum Exporting Countries Countries (OPEC) , the 14 number, pumped 29.6 million barrels a day last month, a decrease of 170 thousand barrels per day, compared with the average figure for the production in May, representing the lowest level of total «OPEC» production since 2014.
Despite Crude oil prices fell throughout the week to a six-month high in April at more than $ 75 a barrel on pressure from concerns about slowing economic growth.
But prices rose again yesterday. At 15:36, Brent crude was up 84 cents, or 1.33 percent, at $ 64.14 a barrel. WTI, however, fell 7 cents, or 0.12 percent, to trade at $ 57.27 a barrel.
OPEC, Russia and other non-OPEC members agreed in December to cut supply by 1.2 million barrels per day (bpd) from January 1 this year. OPEC's share of that cut is 800,000 barrels per day. The reductions apply to 11 members of the Organization, all members except Iran, Libya and Venezuela. The producers agreed at the meetings this week in Vienna to extend the agreement until March 2020.