OPEC Compliance With Production Quotas Fell to 65% in April
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The Organization of Petroleum Exporting Countries’ compliance with record production cuts dropped in April as output rose from Saudi Arabia and Nigeria.
Daily production from the 11 OPEC members that are bound by quotas was 26.33 million barrels a day last month, the group’s Vienna-based secretariat said today in its monthly oil market report. That implies a compliance rate of 65 percent, according to Bloomberg calculations. Supplies climbed from 26.29 million barrels in March, when compliance was at 66 percent.