By KYIV. May 16 (Interfax-Ukraine) – OPEC+ nations in April produced 37.6 million bpd of oil, while the terms of the agreement provided for output of up to 40.1 million bpd, analyst at the International Energy Agency (IEA) said in a report.
Thus, the lag behind the plan for last month amounted to 2.5 million bpd. In comparison with March, the countries of the alliance decreased oil production by 0.4 million bpd.
OPEC countries participating in the agreement were producing 24.19 million bpd in April, which was 1.23 million bpd below the plan. Non-OPEC countries last month produced 1.27 million bpd less than the permitted level of 15.09 million bpd [13.41 million bpd excluding Mexico].
Production declines in Iraq and Nigeria (250,000 bpd each, to 4.1 million bpd and 1.02 million bpd, respectively) were partially offset by increases in Angola (by 90,000 bpd, to 1.06 million bpd) and Saudi Arabia (by 50,000 bpd, to 10.48 million bpd).
Russian oil production remained stable, at 9.6 million bpd.
The IEA estimates the unused capacities of nations party to the OPEC+ deal at 4 million bpd, noting that Saudi Arabia and the UAE account for about 60%.
The agency expects OPEC+ production to continue to decline in May due to voluntary reductions, which a number of participants have begun since the start of the month. The total decline will be around 1.657 million bpd (1.2m bpd excluding Russia). Saudi Arabia will cut production by 500,000 bpd, Kazakhstan by 78,000 bpd, Iraq by 211,000 bpd, the UAE by 144,000 bpd, Kuwait by 128,000 bpd, Algeria by 48,000 bpd, Oman by 40,000 bpd and Gabon by 8,000 bpd. These countries will keep production at that level until the end of 2023.
