OPEC crude production dropped to the lowest level in almost three years in April, led by declines in Saudi Arabian and Iraqi output, a Bloomberg survey showed.
Production by the 12-member Organization of Petroleum Exporting Countries slipped by 302,000 barrels a day to an average 29.863 million, the lowest level since June 2011, according to the survey of oil companies, producers and analysts. Last month’s total was revised 128,000 barrels a day lower to 30.165 million because of changes to the Saudi Arabian, Iranian and Ecuadorean estimates.
Saudi Arabia, the group’s biggest producer, reduced output by 100,000 barrels a day to 9.5 million, the least since June. The desert kingdom pumped 10 million barrels a day in September, the most in monthly data going back to 1989.
Iraqi production dropped 100,000 barrels a day to 3.25 million this month, according to the survey. Iraq is the second-biggest producer in the group.
OPEC ministers kept their output target unchanged at 30 million barrels a day on Dec. 4. The group will next meet on June 11 at its headquarters in Vienna.
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