Underproduction in Nigeria’s oil and gas sector and force majeure in Libya led to a lower than expected output target of the Organisation of Petroleum Exporting Countries (OPEC) in April.
According to a Reuters survey, OPEC produced 28.58 million barrels per day, (BPD) in April, meaning that, OPEC’s 10 members produced only 40,000 bpd more than in March.
OPEC wanted a 254,000 BPD increase for OPEC members and a 400,000 BPD increase overall for OPEC+ production for April.
In March, OPEC alone increased its combined production by just 57,000 BPD, of which 54,000 BPD came from Saudi Arabia. The UAE also increased its production but the African members of the cartel saw their output decline during the month.
From October 2021 through March 2022, OPEC output came in lower than the deal commitments, except for the month of February, the Reuters survey noted.
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