OPEC’s oil output unchanged in April despite Saudi cuts

Saudi Arabia’s crude oil production declined by 45,000 barrels per day (bpd) to average 9.74 million barrels per day (mbd) in April 2019, the Organization of Petroleum Exporting Countries (OPEC) said in its monthly oil market report on Tuesday, citing secondary sources.

The direct communication figures showed the Kingdom had reduced its production by 20,000 bpd to 9.80 mbd last month.

Total OPEC-14 preliminary crude oil production averaged 30.03 mbd, marginally unchanged from the previous month. The majority of the decline came from Saudi Arabia, Angola and Iran, the report said.

Meanwhile, world oil demand is forecast to grow by 1.21 mbd, unchanged from last month’s projections, with total world consumption anticipated to reach 99.94 mbd.

Brent rose 6.9 percent month-on-month (MoM) to $71.63 a barrel in April, while WTI surged 9.8 percent MoM to average $63.87 per barrel.