The Organisation of Petroleum Exporting Countries (OPEC) supply dropped to 30.23 million barrels per day (bpd) this April as the organization attained a four-year low.
The 30.23 million bpd was down by 90,000 bpd from March and the lowest OPEC total since 2015.
A survey attributed this to further involuntary declines in sanctions-hit Iran and Venezuela and output restraint by top exporter Saudi Arabia.
The survey suggests that Saudi Arabia and its Gulf allies are maintaining even larger supply cuts than called for by OPEC’s latest deal, shrugging off pressure from U.S. President Donald Trump. Last week, Trump said he had called OPEC to tell the group to bring down prices.
Crude oil is trading above $73 a barrel and hit a six-month high above $75 last week, boosted by Saudi supply restraint and curbs in Venezuela and Iran, which face U.S. sanctions that are limiting their exports.