OPEC

(Bloomberg) — The Organization of Petroleum Exporting Countries cut oil output by 0.3 percent in April as Mideast members moved closer to production targets agreed to last year, a Bloomberg News survey showed.

Oil output averaged 27.58 million barrels a day last month, down 75,000 from March, according to the survey of oil companies, producers and analysts. The 11 OPEC members with quotas, all except Iraq, pumped 25.255 million barrels a day, 410,000 more than their target of 24.845 million.

OPEC agreed at three meetings last year that the 11 members with quotas would cut output by 4.2 million barrels a day. The producers in a meeting March 15 in Vienna decided not to cut their targets further because of concern higher prices might harm an ailing global economy. Ministers are scheduled to meet again on May 28.