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OPEC Fails to Increase Oil Output Amid Capacity Troubles

  • Group added just 10,000 barrels a day in April, survey shows
  • Libya and Nigeria decline, while Saudis hike less than allowed
Updated on

The OPEC cartel -- which has struggled for many months to revive oil supplies halted during the pandemic -- effectively failed to increase output at all in April as members remained plagued by capacity constraints.

While Iraq made a substantial boost, countries such as Libya and Nigeria saw their production fall amid operational disruptions and diminished investment, according to a Bloomberg survey. Even group leader Saudi Arabia didn’t hike by as much as permitted by its agreed quota.