Crude oil production from OPEC declined to the lowest in four years last month, a Reuters survey has suggested, largely because of the continued fall in Venezuelan output and lower production in Iran resulting from U.S. sanctions. The only voluntary production cut that contributed to the decline was Saudi Arabia’s overcompliance with the OPEC+ pact from last December and a similar degree of restraint among the Kingdom’s Gulf neighbors and allies. According to the survey, OPEC members produced 30.23 million bpd in April, down by a modest 90,000 bpd from March but the lowest since the same month in 2015. The combination of the above three factors earlier this month drove a spike in oil prices, with Brent topping US$75 a barrel after the U.S. announced it would not extend sanction waivers for Iran’s biggest oil clients. However, the effect of the announcement was short-lived and a perception that […]