A modest reduction in OPEC crude oil production was recorded in April, according to estimates by the New York Petroleum Intelligence Weekly (PIW).
It fell to 24.94 million barrels a day (b/d) from 25.1 million b/d in March. This compares with the combined allocations of the 12 member states agreed at OPEC’s Geneva meeting in March of 24.52 million b/d.
The April estimate includes production from the Neutral Zone between Kuwait and Saudi Arabia, for which no allocation is provided under OPEC rules. This was put at 310,000 b/d.
The PIW estimate agrees with other industry assessments of OPEC output. The modest fall in production has helped contribute to a strong rebound in oil prices in the past month. At the end of April, the price of UK Brent blend crude oil was $15.95 compared with $14.25 a barrel at the end of March.
The April edition of the IMF’s World Economic Outlook, which is published twice a year, forecast a rise in oil prices through 1995 as economic growth in industrial countries accelerated. It predicted that the price of Alaska North Slope crude would rise to $14.60 a barrel on average compared with $13.76 in 1994.