OPEC April oil output hits yearly lows on Venezuela slide - Reuters survey

According to the latest Reuters survey, the output of the Organization of the Petroleum Exporting Countries (OPEC) dropped to yearly lows in April amid declining Venezuelan oil production and lower shipments from African producers.

The decline in the OPEC’s output sent the OPEC output cuts  deal compliance to a new record high of 162 percent.

The Reuters survey is based on shipping data provided by external sources, Thomson Reuters flows data and information provided by sources at oil companies, OPEC and consulting firms.

Key Findings:

“The Organization of the Petroleum Exporting Countries pumped 32.12 million barrels per day this month, the survey found, down 70,000 bpd from March. The April total is the lowest since April 2017, according to Reuters surveys.

Adherence by producers in the deal rose to 162 percent of agreed cuts from a revised 161 percent in March, the survey found.

In April, the biggest decrease in supply came from Venezuela, where the oil industry is starved of funds because of economic crisis. Output dropped to 1.50 million bpd in April, the survey found, a new long-term low.

Production in Angola, where natural declines at some fields are weighing on output, slipped and the country is pumping over 260,000 bpd less than its OPEC target. Nigerian exports, which have risen this year, slipped in April.

Production in Libya, which remains unstable due to unrest, edged lower after a suspected act of sabotage briefly stopped flows from Waha Oil Co.’s fields, industry sources said.

Output in top producer Saudi Arabia edged up due to higher exports, sources in the survey said, but remained below the kingdom’s OPEC target.

According to the survey, OPEC pumped about 610,000 bpd below this implied target in April, not least because of the involuntary declines in Venezuela and Angola.”