IEA estimates OPEC Output at 16.6mn b/d in April

After averaging 0.1mn b/d under the 15.8mn b/d production ceiling in the first quarter, OPEC crude output rose to 16.6mn b/d in April, according to preliminary figures in the May issue of the monthly Oil Market Report published by the International Energy Agency (IEA). The 1.5mn b/d surge in production in April (from 15.1mn b/d in March) was largely due to a rise in Saudi output from 3mn b/d in March to 4.1mn b/d - its full quota level - in...