Crude oil production from OPEC declined to the lowest in four years last month, a Reuters survey has suggested, largely because of the continued fall in Venezuelan output and lower production in Iran resulting from U.S. sanctions. The only voluntary production cut that contributed to the decline was Saudi Arabia’s overcompliance with the OPEC+ pact from last December and a similar degree of restraint among the Kingdom’s Gulf neighbors and allies. According to the survey, OPEC members produced 30.23 million bpd in April, down by a modest…
