Oil

Last year. China'.s crude oil imports surged 10.1 percent year-on-year to 460 million tons.

Beyond OPEC. oil prices have been boosted by U.S. sanctions against OPEC members Iran and Venezuela.

OPEC+ is scheduled to meet in the Austrian capital of Vienna in April for an extraordinary general meeting.

Russia will cut production by 228.000 barrels per day.

The JMMC includes major oil producers Saudi Arabia and Russia and monitors the oil market and conformity levels with supply cuts.

Venezuela´s oil output has long been on a downward spiral thanks to years of underinvestment and mismanagement.

Production from OPEC’s 14 members dropped by 221.000 bpd to 30.55 MMbpd in February.

International Brent crude oil futures marked a 2019-peak of $67.80 per barrel in Asian morning hours.

Oil prices have been receiving broad support this year from supply cuts by OPEC and non-affiliated allies like Russia aimed at tightening markets.

The rebalancing of the global oil market was a work in progress.