After four months of decline, tightening the oil market considerably, OPEC’s collective crude oil production in April held relatively steady from March, rising just 30,000 b/d to 30.26 million b/d, according to an S&P Global Platts survey. However, individual output levels among the 14 OPEC members varied month-on-month, with Iran’s sanctions -induced slump and Angola’s drop offset by significant rises in Nigeria and Iraq and recoveries in crisis-torn Libya and Venezuela, the survey found. Saudi Arabia, the organization’s largest producer by far, held its April output at 9.82 million b/d, the lowest in over four years and well below its quota under an OPEC/non-OPEC accord, according […]