OPEC Oil Output Tumbles 1.7 mbpd in April
Crude oil production by the Organisation of the Petroleum Exporting Countries (OPEC) fell by around 1.7 million barrels per day (mbpd) in April 2026 compared with March.
In April, OPEC’s total output stood at about 18.98 million bpd, according to the group’s latest Monthly Oil Market Report on Wednesday. The steepest production declines were recorded in Saudi Arabia, Kuwait, Iraq and Iran.
Saudi Arabia’s crude output dropped by roughly 958,000 bpd to about 6.77 million bpd, while Kuwait’s production fell by about 561,000 bpd to 600,000 bpd.
Output in Iraq declined by approximately 291,000 bpd to 1.39 million bpd, and Iran’s production decreased by around 211,000 bpd to 2.85 million bpd in April.
Among OPEC members, UAE, Libya, Venezuela and Nigeria recorded increases in daily production during the month. UAE’s output rose by 131,000 bpd to 2.02 million bpd, while Libya’s production increased by 55,000 bpd to 1.31 million bpd.
Output in Venezuela increased by 46,000 bpd to 1.03 million bpd, and Nigeria’s production increased by 37,000 bpd to 1.49 million bpd in April.
OPEC forecasted that global oil demand for 2026 will increase by 1.17 million bpd year-on-year, bringing total demand to 106.33 million bpd.
In 2026, most of the growth is expected to come from non-OECD countries, where demand is seen rising by around 1.06 million bpd to 60.27 million bpd, led by China, Other Asia and India, and supported by Africa, Latin America and Russia.
Demand in OECD countries is projected to rise by just 110,000 bpd to 46.06 million bpd.
For 2027, OPEC expects demand to grow by around 1.54 million bpd, reaching 107.87 million bpd.
This is expected to reach 61.62 million bpd in non-OECD countries, up by 1.35 million bpd, and 46.25 million bpd in OECD countries, up by around 190,000 bpd. Crude Oil Prices Ease Ahead of Trump, Xi Meeting
