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OPEC oil supply surges in April ahead of new cut

28 April 2020 15:23 (UTC +04:00)

OPEC oil supply in April is surging by over 2 million barrels per day (bpd) to its highest since December 2018, a company that tracks oil shipments said on Tuesday, as producers pump at will before a new supply pact takes effect in May, APA reports citing Reuters.

Daniel Gerber, chief executive of Geneva-based Petro-Logistics, said the increase this month was driven by record supply from Saudi Arabia and the United Arab Emirates, as well as a multi-year high from Kuwait.

The Organization of the Petroleum Exporting Countries is pumping more in April because an earlier supply pact with Russia and other outside countries collapsed in March and prompted OPEC to remove limits on its output.

A new supply-limiting pact between the producers, known as OPEC+, takes effect on May 1.