OPEC April oil output edges lower, led by Venezuela: Survey

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OPEC oil output edged lower in April, led by a cut in Venezuelan supply. The reduction comes despite OPEC+ beginning in April to unwind its most recent layer of output cuts, according to a Reuters survey.

The survey showed that total OPEC production fell by 30,000 barrels per day (bpd) to 26.60 million bpd in April, as cuts by some producers offset higher Iranian supplies.

Venezuela led the decline, with lower exports due to the cancellation of shipments by US oil company Chevron amid new restrictions imposed by the White House.

The survey found that Iran increased its oil exports in April, as the recent tightening of US sanctions on Tehran had little impact last month.