Force majeure in Libya and under-production in Nigeria have led to a much lower increase in OPEC production for the month of April than was called for by the cartel’s supply agreement. According to a Reuters survey , OPEC produced 28.58 million barrels per day in April, meaning that OPEC’s 10 members produced only 40,000 bpd more than in March. The output deal called for a 254,000 bpd increase for OPEC countries, and a 400,000 bpd increase overall for OPEC+ production for April. This suggests a shortfall of some 214,000 bpd for OPEC members. In March , OPEC alone increased its combined production by just 57,000 bpd, of which 54,000 bpd came from Saudi Arabia. The UAE also increased its production but the African members of the cartel saw their output decline during the month. From October 2021 through March 2022, OPEC output came in lower than the deal […]