OPEC Plot Twist? Bloomberg Survey Shows Production Drop in April ...Middle East

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OPEC Plot Twist? Bloomberg Survey Shows Production Drop in April
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OPEC just pulled a plot twist. Instead of raising production as planned, the cartel’s April output dropped by 200,000 barrels per day (bpd) to 27.24 million bpd, according to a new Bloomberg survey published on Thursday. Half the decline came from Venezuela, where Chevron and other producers are winding down ahead of renewed U.S. sanctions. But the real head-scratcher? The UAE and Saudi Arabia—who had clearance to pump more—barely budged. The UAE actually cut oil production by 80,000 bpd, despite securing a carve-out to raise…

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