Oil Prices Spike As OPEC Compliance Hits New Record

May 1, 2018: Oil Prices Spike As OPEC Compliance Hits New Record

Oil rig at dusk

OPEC’s oil production continues to decline, hitting a one-year low in April.

Compliance with the OPEC/non-OPEC deal hit yet another record high because of a 70,000-bpd dip in April, putting collective production levels at 32.12 million barrels per day (mb/d). The losses are largely the result of ongoing declines in Venezuela, plus deteriorating production from aging oil fields in Angola. The strong cohesion among OPEC’s other members helped push the group’s compliance rate in April jumped to 162 percent, according to a Reuters survey, up slightly from March.

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