Growth was mainly due to oil supplies from Nigeria, Saudi Arabia
The production of OPEC countries in April reached 31.78 mln barrels of oil per day, which is 65,000 barrels higher than in March, according to the May report of the International Energy Agency (IEA).
Growth was mainly due to oil supplies from Nigeria, Saudi Arabia. In part, these volumes replaced the decline in oil production in Libya and Iran, according to the report. Thus, the OPEC agreement to reduce oil production by 1.2 mln barrels per day during the first half of the year was fulfilled in April by 96%.
11 OPEC countries participating in the production reduction agreement (with the exception of Nigeria and Libya) produced 29.85 mln barrels of oil per day in April, which is 1.12 mln barrels less than the level of October (30.97 mln barrels).
At the same time, the average rate of implementation of the agreements by OPEC and non-OPEC countries in April was 66% of the plan, while in March this figure was 51%, IEA noted.
The IEA retained a forecast for world oil demand in 2017 at 97.9 mln barrels per day. At the same time, the IEA continues to expect that world demand for oil in 2017 will grow by 1.3 mln barrels per day against the figure of 2016.
World oil production in April fell by 140,000 barrels per day against the background of reduction of oil by in non-OPEC countries, especially Canada, according to the IEA report.
The volume of global oil production amounted to 96.17 mln barrels per day, which is 90,000 barrels per day less than a year ago.
According to the IEA, the growth of oil production in countries that are not part of OPEC in 2017 will reach 600,000 barrels per day against 2016.
According to OPEC, 11 members of the cartel participating in the agreement reached the reduction target level in March. Together with countries outside OPEC, this indicator in March reached 98%.
It was reported earlier that Russia, which accounts for half of the total quota for countries outside OPEC, has reached the target level in early May, reducing production by 300,000 barrels against October 2016.