LONDON, May 2 (Reuters) - OPEC oil output fell in April due to a halt in some of Iraq’s exports and delays to Nigerian shipments, a Reuters survey stated, adding to the impact of strong adherence by top producers to a supply cut deal by the wider OPEC+ alliance.
The Organization of the Petroleum Exporting Countries pumped 28.62 million barrels per day (bpd) last month, the survey found, down 190,000 bpd from March. Output is down more than 1 million bpd from September. PRODN-TOTAL
OPEC and its allies, known as OPEC+, agreed to cut production in late 2022 to support the market as the economic outlook worsened, hitting prices. Output is set to drop further in May as a new round of voluntary cuts unveiled on April 2 takes effect.
For April, OPEC had agreed to cut output by about 1.27 million bpd as part of a total 2 million bpd reduction by OPEC+ pledged last year.
With the involuntary declines in Iraq and Nigeria in April, compliance with the agreement increased to 194% of pledged cuts, according to the survey, against 173% in March.
Output is significantly undershooting the targeted amount by 1.2 million bpd because many producers - notably Nigeria and Angola - lack the capacity to pump at the agreed levels.
