OPEC oil supplies surged in April before new deal comes into force

US, WASHINGTON (ORDO NEWS) — OPEC oil shipments are up more than 2 million barrels per day in April, peaking since December 2018, a supply-tracking company said on Tuesday amid a lack of production restrictions before a new production cut agreement comes into force.

Daniel Gerber, head of the Geneva-based Petro-Logistics, said growth this month was driven by record shipments from Saudi Arabia and the UAE, as well as long-lasting shipments from Kuwait.

OPEC and partners in March were unable to agree to extend the deal to reduce oil production. The new restrictive transaction, agreed earlier in April, will enter into force on May 1.

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