OPEC’s Output Slipped in April Ahead of Saudi-Led Cuts
- Date: 11-May-2023
- Source: The Wall Street Journal
- Sector:Oil & Gas
- Country:Saudi Arabia
OPEC’s Output Slipped in April Ahead of Saudi-Led Cuts
Oil prices have tumbled in recent weeks over concerns about the health of U.S. banks
May 11, 2023 9:39 am ET
Supply disruptions in Iraq and Nigeria caused OPEC to pump less oil in April, further straining an already tight oil market as some of the group’s largest producers are set to slash output sharply within weeks.
The declines come as the Vienna-based oil producers’ group left its forecasts for global oil demand and supply unchanged, meaning it continues to foresee stronger demand later this year which the oil market could struggle to satisfy—raising the threat of higher oil prices.
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