OPEC oil supply hit a four-year low in April, a Reuters survey found, due to fur...
LONDON - OPEC oil supply hit a four-year low in April, a Reuters survey found, due to further involuntary declines in sanctions-hit Iran and Venezuela and output restraint by top exporter Saudi Arabia.
The survey suggests that Saudi Arabia and its Gulf allies are maintaining even larger supply cuts than called for by OPEC’s latest deal, shrugging off pressure from U.S. President Donald Trump. On Friday, Trump said he had called OPEC to tell the group to bring down prices. OPEC, Russia and other non-members, an alliance known as OPEC+, agreed in December to reduce supply by 1.2 million bpd from Jan. 1. OPEC’s share of the cut is 800,000 bpd, to be delivered by 11 members - all except Iran, Libya and Venezuela.
Iran’s crude exports dropped in April to their lowest daily level this year, suggesting buyers are curbing purchases before Washington clamps down further on Iranian shipments as expected next month. Top exporter Saudi Arabia raised output slightly in April from March, although Riyadh continued to deliver larger cuts than required under the supply deal, as did Gulf allies the United Arab Emirates and Kuwait.
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