According to a Reuters survey, the Organization of the Petroleum Exporting Countries' (OPEC) oil production rose in April due to an increase in supply from Iran and Iraq. OPEC's oil output increased to 32.64 million barrels per day (bpd) in April from 32.47 million in March. It was the highest level since 1997.
Saudi Arabia produced 10.15 million bpd in April, down from 10.18 million bpd in March.
Iran increased its oil production to 3.40 million bpd in April from 3.23 million bpd in March.
Oil production declined in Nigeria, Kuwait, Algeria, Venezuela and Ecuador, while oil output from Angola, Iraq, Libya and United Arab Emirates rose.