Although oil production stabilized last month, the group's recent supply reduction pledges remained not fully implemented, and while the Organization of the Petroleum Exporting Countries pumped 26.81 million barrels per day during April – about 50,000 per day less than in March – Libyan and Iraqi production continued to decline. The increase while Iran and Nigeria reduced their supplies.

Libya increased its production by 60,000 barrels per day to reach 1.19 million barrels, in light of its efforts to restore production, which was halted earlier in 2024 due to needs in its largest oil fields, and countries located in North Africa were exempted from OPEC+ goals. The oil industry is still being affected by internal conflicts, and this has been going on for a long time.

Iraq's production rose to 4.22 million barrels per day, or about 220 thousand barrels per day, above the OPEC+ target. Iraq violated quotas to rebuild its destroyed economy, and Nigeria and Iran reduced supplies by 50 thousand barrels per day to reach about 3.13 million and 1.42 million barrels. Daily.

The United Arab Emirates continues to pump hundreds of thousands of barrels per day above the agreed-upon limit, and restrictions imposed by Saudi Arabia, Algeria and Kuwait have helped support oil prices amid fragile economic concerns, which has boosted the revenues of its members, and Brent futures are now trading near $85 per barrel in London.

Saudi Arabia’s production remains stable at about 9 million barrels per day, and the “OPEC+” alliance – which consists of 22 countries and includes other producers such as Russia – is scheduled to meet during the first of June to decide whether to extend the current production restrictions for the second half of the year. 2024 or not.