Oil production from Iran dropped in April as the country remained under U.S. sanctions.
In its closely watched monthly oil market report, the Organization of the Petroleum Exporting Countries said Iranian supply fell 164,000 barrels a day in April to 2.55 million barrels a day, with Saudi Arabian supply also falling by 45,000 barrels a day.
The drop in supply was mitigated by rising output from Nigeria and Iraq, meaning OPEC crude oil production fell by 3,000 barrels a day to 30.031 million barrels, according to secondary sources.
Read: Oil prices gain as explosive-packed drone attacks on Saudi production reported
Elsewhere, non-OPEC supply growth in 2019 is expected to average 2.14 million barrels a day, down by 30,000 barrels a day from OPEC’s previous report.
Read the full version of this article at WSJ.com.
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