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2022-05-03 05:59
High compliance with OPEC, Iraq increases production
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2022-05-03 05:59
Shafaq News/ A Reuters survey concluded that the increase in OPEC oil production in April was less than the rise planned under an agreement with allies, as declines in Libya and Nigeria compensated for increases in supplies by Saudi Arabia and Iraq.
The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.58 million barrels per day in April, an increase of 40,000 barrels per day from the previous month and less than the 254,000 barrels per day stipulated in the supply agreement.
Production is below the increases pledged from October to March, with the exception of February, when many producers lack the ability to pump more crude after insufficient investment, a trend accelerated by the pandemic.
The biggest drop in production was in Libya, which sometime in April lost more than 550,000 barrels per day from closures on fields and stations, and Nigerian production recorded a drop of 40,000 barrels per day with exports lower than in March.
These outages limited the increase in OPEC production as major producers followed an increase in their supply pledge, and the survey found that the largest increase in April of 100,000 barrels per day came from Saudi Arabia, followed by Iraq, where the monthly increase in production was 80 thousand barrels per day.
The United Arab Emirates followed the higher share and increased by 40 thousand barrels per day, while Kuwait's production increased by ten thousand barrels per day.
The survey found that Iran, which is also exempt from making production cuts, was shipping more to China in 2022 and production rose in April, even as talks on reviving the 2015 nuclear deal with world powers failed to reach an agreement.
The survey found that production decreased or did not increase in Angola, Equatorial Guinea and Gabon, due to a lack of ability to produce more.
The agreement called for an increase of 400,000 barrels per day in April from all OPEC + members, of which about 254 thousand barrels per day is shared by the 10 OPEC producers covered by the agreement.
As a result, the 10 OPEC members are pumping far less than the deal called for.
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The survey found that the Organization of the Petroleum Exporting Countries (OPEC) pumped 28.58 million barrels per day in April, an increase of 40,000 barrels per day from the previous month and less than the 254,000 barrels per day stipulated in the supply agreement.
Production is below the increases pledged from October to March, with the exception of February, when many producers lack the ability to pump more crude after insufficient investment, a trend accelerated by the pandemic.
The biggest drop in production was in Libya, which sometime in April lost more than 550,000 barrels per day from closures on fields and stations, and Nigerian production recorded a drop of 40,000 barrels per day with exports lower than in March.
These outages limited the increase in OPEC production as major producers followed an increase in their supply pledge, and the survey found that the largest increase in April of 100,000 barrels per day came from Saudi Arabia, followed by Iraq, where the monthly increase in production was 80 thousand barrels per day.
The United Arab Emirates followed the higher share and increased by 40 thousand barrels per day, while Kuwait's production increased by ten thousand barrels per day.
The survey found that Iran, which is also exempt from making production cuts, was shipping more to China in 2022 and production rose in April, even as talks on reviving the 2015 nuclear deal with world powers failed to reach an agreement.
The survey found that production decreased or did not increase in Angola, Equatorial Guinea and Gabon, due to a lack of ability to produce more.
The agreement called for an increase of 400,000 barrels per day in April from all OPEC + members, of which about 254 thousand barrels per day is shared by the 10 OPEC producers covered by the agreement.
As a result, the 10 OPEC members are pumping far less than the deal called for.
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