(Ecofin Agency) - Production from countries under the auspices of the Organization of Petroleum Exporting Countries (OPEC) reached 32.44 million bpd in April.
According to the oil cartel in its Monthly report, this represents an increase of 188,000 bpd compared to March output.
The increase is as a result of a 150,000 bpd rise in Iran and Iraq’s production following the failure by oil producers to arrive at a decision to freeze output last month while output reduced in Kuwait and Nigeria.
OPEC’s overall share of global production rose to 34% last month.
Iraq’s oil production increased unexpectedly to 4.31 million bpd in April as the country had estimated an increase of 4.8 million bpd by the end of 2016.
Saudi Arabia’s that same month averaged 10.125 million bpd from 10.133 million bpd in March due to field maintenance.
Kuwait’s production also dropped to 2.68million bpd, a decline of 100,000 bpd from March while Nigerian production dropped to 1.67million bpd due to attacks on oil facilities by a new militant group, Niger Delta Avengers, in the oil-rich Niger Delta region.
However, Venezuela’s oil sector is suffering from power restriction and Ecuador’s more steady oil industry witnessed an earthquake which affected operations at some of its pipelines and refineries, Trend news reports.
Anita Fatunji