OPEC’s Oil Production Fell Last Month Despite Plans to Increase
Workers perform maintenance on an oil pumping unit at an oilfield in Akkystau village, Kazakhstan.
Photographer: Andrey Rudakov/BloombergOPEC’s crude production fell last month despite the group’s long-awaited plans to increase, with much of the reduction stemming from looming US sanctions on Venezuela.
Output from the Organization of the Petroleum Exporting Countries shrank by 200,000 barrels a day in April to 27.24 million a day, according to a Bloomberg survey. Venezuela accounted for about half of the decline as international producers such as Chevron Corp. wind down operations while President Donald Trump’s administration tightens sanctions.