OPEC+ keeps more barrels off market in April
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
OPEC+ fell short of its pledged April production increase of 411,000b/d, instead collectively reducing output—a move that might have kept Brent crude prices above the $60/bl mark. According to Petroleum Economist estimates, OPEC production dropped to 26.59m b/d in April compared with 26.83m b/d in March. Venezuela was the key country behind the output decrease. OPEC-9 output, on the other hand, edged up to 21.35m b/d from 21.30m b/d. OPEC+ members saw their production fall to 12.91m b/d from 12.97m b/d a month ago. OPEC-9 compliance was at 99%, while OPEC+ producers adhered to their agreement by only 98%. If OPEC+’s present output trend continues, the group’s compliance could increase to 100
Also in this section
9 April 2026
The April 2026 issue of Petroleum Economist is out now!
9 April 2026
Offshore operators are working through an FID backlog as the rig market consolidates, helped by improving project economics and a renewed security drive
2 April 2026
Alongside a rapid continued build-out of renewables, China’s latest five-year plan stresses the value of domestic hydrocarbon production for energy security and calls for increased Russian gas imports
2 April 2026
The government is taking important steps to revive domestic production, lift investment and benefit from the geopolitical crisis even if more needs to be done in the longer term
