OPEC Increases Oil Production by 320,000 b/d in April

Platts reported that the Organization of the Petroleum Exporting Countries (OPEC) increased its production of crude oil by 320,000 barrels per day in April, bringing the monthly total to 31.71 million barrels per day.

John Kingston, global director of news at Platts, commented:

This is one of the more significant month-on-month changes Platts has reported in quite some time. First, it shows that sanctions clearly are taking a bite out of Iranian output. Also, this enormous one-month jump in production shows that, for now, OPEC has output capacity to cover the missing Iranian oil barrels. In the next few months Iranian output and overall OPEC production will be the key numbers to watch.

Click here to read the full Platts report.