The Organization of the Petroleum Exporting Countries announced in its monthly market report that its oil production bounced back in April thanks to Iraq’s surging output. OPEC also stated that its members’ crude oil production increased by 131,000 barrels a day in April to 29.6 million barrels a day.
OPEC output reached its lowest level this year back in March, however, it was driven back by an increase of 102,100 barrels a day in Iraq to 3.3 million barrels a day.
Middle-Eastern countries have been pumping more oil; late March West Qurna field started up and its production has been pushed to levels not witnessed since 1979.
Coupled with a sustained North American oil boom, OPEC has increased global oil supply by 160,00 barrels in April to average 90.8 million barrels a day.