April OPEC crude oil production decreased by 90,000 barrels per month from the p

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      According to a Reuters survey released by the Organization of Petroleum Exporting Countries (OPEC), the daily output of crude oil in April hit a four-year low. Iran and Venezuela, which were hit by sanctions, involuntarily cut production, and Saudi Arabia, the main exporter, restricted production.

According to a Reuters survey, OPEC's production this month was 30.23 million barrels per day, a decrease of 90,000 barrels per day from March, the lowest since 2015.

The survey shows that Saudi Arabia and its Gulf allies continue to maintain a larger rate of production cuts than OPEC's latest agreement, ignoring US President Trump's request to increase supply to lower oil price pressures.

Oil prices are currently trading above $73 a barrel, hitting a six-month high above $75 a barrel last week, driven by Saudi restrictions and limited supply in Venezuela and Iran. These two countries face US sanctions and limit their exports.


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