OPEC’s oil output surges in April
The Doha meeting between OPEC and non-OPEC producers ended without a consensus on freezing output at January levels due to Saudi Arabia and other Gulf nations disagreeing upon a freeze deal without the participation of all OPEC members, including Iran. The next OPEC meeting is scheduled to take place on June 2 in Vienna.
Iran boosted its crude output by 300,000 barrels per day (bpd) to 3.5 million bpd, which indicates the highest level since December 2011. Iraq, on the other hand, increased production by 160,000 bpd to 4.31 million in April. Saudi Arabia, OPEC’s largest producer, increased output by 80,000 bpd to 10.27 million bpd, the highest level seen since November.
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