OPEC's Oil Production Was Stable

OPEC's oil production was stable. OPEC's oil production in April was 25.27 million barrels per day.

The Organization of Petroleum Exporting Countries (OPEC) kept oil production steady in April before going up production. Last month, the average oil production of OPEC countries was recorded as 25.27 million barrels per day. This figure was about 50 thousand barrels per day below the figure recorded in March. It was stated that the decrease in exports in Libya was balanced with the increase in Iran. OPEC countries, which cut production last year due to the coronavirus epidemic, are now gradually increasing production to meet global demand, which is signaling recovery. Production is expected to increase gradually by 2 million barrels per day by July. According to the survey, the oil shortage of the largest member Saudi Arabia continued in April and daily production was recorded as 8.11 million barrels. It is thought that the great crisis, where the coronavirus (Covid-19) epidemic also affected fuel consumption, will come out under the leadership of China and the USA. Many of the world's leading banks, such as Citigroup, predict that global oil demand will rise to pre-pandemic levels this summer.