videopokerfrenzy| OPEC crude oil output remains stable, and the production reduction plan reached at the beginning of the year has not yet been completed

OPEC crude oil production remained stable last monthVideopokerfrenzyIndicating that the organization's latest production reduction action has not yet been completed.

According to a survey, OPEC produced 26.81 million barrels a day in April, down about 50, 000 barrels a day from the previous month. Small increases in Libya and Iraq were offset by production cuts in Iran and Nigeria.

As a result, the supply restrictions agreed by the Group and its allies at the beginning of the year to avoid oversupply have not yet been completed. Production in Iraq and the United Arab Emirates is still hundreds of thousands of barrels per day above the agreed limit.

Nonetheless, production restrictions in OPEC members such as Saudi Arabia, Kuwait and Algeria have helped boost oil prices in a fragile economic context, thereby boosting member countries' incomes. Brent crude futures on the London market approached $85 a barrel on Wednesday.

The biggest change last month was Libya, which increased production by 60, 000 b / d to 1.19 million b / d; production in the country's largest oil field was halted earlier this year because of protests and production has resumed. The country's oil industry is still severely affected by years of internal conflict and is therefore exempt from OPEC+ targets.

Iraqi production rose moderately to 4.22 million barrels per day, about 220000 barrels per day higher than its OPEC+ target.

Supply in Iran and Nigeria fell by 50, 000 b / d to 3.13 million b / d and 1.42 million b / d, respectively, according to the survey. Saudi production remained stable at about 9 million barrels a day.

The OPEC+ alliance of 22 countries is scheduled to meet on June 1 to decide whether to extend the current production limit until the second half of this year.