Home » OPEC’s failure to increase crude output last month persists, survey shows – Xinhua English.news.cn

OPEC’s failure to increase crude output last month persists, survey shows – Xinhua English.news.cn

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Summary

[Survey shows that OPEC did not increase crude oil production capacity last month.]The survey showed that OPEC only increased production by 10,000 barrels of oil per day in April, while the plan was 274,000 barrels. Oil production in countries such as Libya and Nigeria has fallen due to business disruptions and reduced investment, and even Saudi Arabia has not increased output by the nominal scale it has agreed to. OPEC representatives said the group is likely to maintain its original plan to increase production, approving an increase of 430,000 barrels per day of crude oil when it meets on Thursday. But as the survey results suggest, OPEC may struggle to deliver on most of its promises to increase output. (Financial Association)

OPEC increased production by just 10,000 barrels per day in April, compared with a planned 274,000 barrels, the survey showed. Oil production in countries such as Libya and Nigeria has fallen due to business disruptions and reduced investment, and even Saudi Arabia has not increased output by the nominal scale it has agreed to. OPEC representatives said the group is likely to maintain its original plan to increase production, approving an increase of 430,000 barrels per day of crude oil when it meets on Thursday. But as the survey results suggest, OPEC may struggle to deliver on most of its promises to increase output.

(Article source: Financial Associated Press)

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