Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Trading

Iran again boosts OPEC oil output in April – Reuters survey

Iran again boosts OPEC oil output in April - Reuters survey

By Alex Lawler

LONDON (Reuters) – OPEC oil output has risen in April as higher supply from Iran countered involuntary cuts and agreed reductions by other members under a pact with allies, a Reuters survey found, adding to signs of a 2021 recovery in Tehran’s exports.

The 13-member Organization of the Petroleum Exporting Countries pumped 25.17 million barrels per day (bpd) in April, the survey found, up 100,000 bpd from March. Output has risen every month since June 2020 with the exception of February.

Iran’s exports are rising as talks take place to revive a 2015 nuclear deal which could eventually allow more oil to the market.

So far, OPEC and its allies, known as OPEC+, are not concerned and plan their own output boost from May.

“The elevated levels that we are seeing from Iran are generally continuing,” Daniel Gerber, chief executive of Petro-Logistics, a consultant that tracks oil shipments, told Reuters this month.

Hoping for a demand recovery, OPEC+ this week confirmed a plan to ease from May more of the record cuts made in 2020.

From May Saudi Arabia will also begin to unwind an extra voluntary cut it made in February, March and April.

The extra Saudi cut means OPEC still pumped much less than called for under the OPEC+ deal in April. Compliance with pledged cuts was 123%, the survey found, versus 124% in March.

Iran, plus fellow OPEC members Libya and Venezuela, are exempt from making cuts, so changes in their output do not affect the compliance rate.

(Editing by Jason Neely)

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post