The level of oil production by OPEC countries has reached the level of 1989

As reported by Bloomberg, citing a survey among the representatives of oil companies, producers and experts, in April oil production by OPEC countries in comparison with March increased by 484 thousand barrels and reached 33,217 million barrels a day, which is the highest figure since 1989, when Bloomberg began conducting their research.

Other data are cited by Reuters. The survey conducted by this Agency shows that oil production in April increased to 32.64 million barrels per day with 32,47 million barrels in March, slightly lower than in January, when was recorded the highest production (32,65 million barrels) since 1997 (when my research started, Reuters)..

Both agencies indicate that the growth occurred at the expense of Iran, which is rapidly increasing production after the lifting of sanctions. According to Bloomberg, Iran has already produced 3.5 million barrels, the highest level since December 2011, and according to Reuters, this figure reached 3.4 million barrels. And Reuters indicates that part of the oil sent by Iran to the market, could have come from storage.

Production growth was also recorded in Iraq and the UAE.

As for Saudi Arabia, Bloomberg indicates that the country increased production by 80 thousand barrels per day to 10.27 million barrels, which is a record since November last year. Reuters data show that Saudi Arabia produces of 10.15 million barrels a day, which is below the March figure.

The largest decline in production was recorded in Kuwait, due to the strike that took place in the middle of the month.

Question about the freezing of oil production with the participation of representatives of the OPEC and not the organization member countries, was discussed on 18 April in Doha. In the initial draft agreement which was read the media, it was proposed to freeze production at the January level until October 2016. However, the negotiations ended without the signing of the agreement.