31.93 million barrels per day OPEC production during last April

Media In – Abu Dhabi 23 May 2018 / WAM /
The average daily production of members of the Organization of Petroleum Exporting Countries “OPEC” 31.93 million barrels during the month of April compared to 31.918 million barrels in March, which preceded.
OPEC’s continued production at acceptable levels in April reflects the commitment of the members to a production cut-off agreement agreed upon with major independent producers, which will continue until the end of this year.
Experts in the oil sector said that the decision to extend the work of the agreement to reduce production until the end of 2018 had a positive effect in controlling the balance of the oil market during the past months and contributed to the improvement in prices significantly since the beginning of 2017.
The OPEC basket price rose 7.3% in April to $ 4.67 and $ 68.43 per barrel, while Brent crude was $ 71.76 and US $ 66.33.
With the balance in the market still constrained as a result of the agreement to cut production, the price of oil has generally jumped to levels that are the first of its kind in more than four years. Brent crude has managed to rise above the $ 80 barrier, as well as OPEC and US crude. Beginning of May.
In the context of the talks on the reduction of production, the commitment of the members contributed to the first agreement concluded by the Organization with some of the largest independent producers and ended in 2017, the total decline of OPEC production by 7 million barrels compared with the volume of production in 2016, according to official statistics issued by the Organization