According to preliminary estimates, OPEC countries produced just under 25.4 million b/d of crude oil in April 2019, roughly 40,000 b/d less than in March. This marked the second consecutive month, in which OPEC cuts were 800,000 b/d in excess of the pledged amount. This represents considerable spare capacity to replace lower Iranian exports. In May and June, OPEC+ will meet to discuss and then decide whether to abandon this production restraint. The members may try to keep the structure of the agreement but raise production as the Iran situation becomes clear.