Crude oil production in the Organisation of Petroleum Exporting Countries fell by just 45,000 bpd in April, according to the cartel’s latest Monthly Oil Market Report , despite continued deep cuts by the largest producer, Saudi Arabia and continued decline in Venezuela and Iran. According to secondary sources, Iran registered the deepest decline in production in April, by 154,000 bpd to 2.554 million bpd. Interestingly, Iraq booked the second-largest decline, at 113,000 bpd to 4.63 million bpd. Saudi Arabia produced 45,000 bpd less crude oil in April than in march, at 9.742 million bpd. At the same time, Venezuela’s oil production decline was reversed last month, with output rising by a daily average of 28,000 bpd to 768,000 bpd. Still, this daily average production rate is a lot below what Venezuela produced last year: that average was 1.3354 million bpd. OPEC has been doing its best to reduce production […]