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