Opec production fell again in April, although doubts over the extent of actual supply cuts are muting the impact on oil prices. Output declined to its lowest in over a year at 31.97mn b/d, on deeper cuts by Iraq, lower output in Venezuela and disruptions in Libya. Compliance with agreed output restrictions was steady on the month at over 100pc (see table). Iraq's adherence rose to around 72pc from 62pc in the first quarter. Venezuelan output fell to its lowest in more than a decade, as the country struggles to maintain production because of a political and economic crisis. And Saudi Arabia remained overcompliant, although at lower levels than in the first quarter.
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