OPEC+ keeps more barrels off market in April
A fall in Venezuelan output drives overall production lower, as Saudi Arabia starts to slowly bring more crude to the market
OPEC+ fell short of its pledged April production increase of 411,000b/d, instead collectively reducing output—a move that might have kept Brent crude prices above the $60/bl mark. According to Petroleum Economist estimates, OPEC production dropped to 26.59m b/d in April compared with 26.83m b/d in March. Venezuela was the key country behind the output decrease. OPEC-9 output, on the other hand, edged up to 21.35m b/d from 21.30m b/d. OPEC+ members saw their production fall to 12.91m b/d from 12.97m b/d a month ago. OPEC-9 compliance was at 99%, while OPEC+ producers adhered to their agreement by only 98%. If OPEC+’s present output trend continues, the group’s compliance could increase to 100
Also in this section
28 January 2026
The alliance looks to bolster market management credibility by bringing greater clarity and unity to output cuts and producer capacity later in 2026
23 January 2026
A strategic pivot away from Russian crude in recent weeks tees up the possibility of improved US-India trade relations
23 January 2026
The signing of a deal with a TotalEnergies-led consortium to explore for gas in a block adjoining Israel’s maritime area may breathe new life into the country’s gas ambitions
22 January 2026
As Saudi Arabia pushes mining as a new pillar of its economy, Saudi Aramco is positioning itself at the intersection of hydrocarbons, minerals and industrial policy
