Tag Archives: Oil Market

Global oil supply fell by 140.000 bpd in April to 96.17 million bpd.

The delay of additional oil product supplies in Asia could be good news for refiners. but could weigh on the crude oil market.

Iran pumped 3.759 million barrels per day in April. trimming 39.000 barrels in daily crude oil production compared to the previous month.

OPEC agreed to slash the output by 1.2 million barrels per day from Jan. 1.

Petrochemical exports increased by 8% compared to the previous year.

Russia would keep output cuts of 300.000 barrels per day from the level of October 2016.

There could be more cuts if there are other non-OPEC countries that will join the agreement.

OPEC members agreed in November to cut production by 1.2 million barrels per day for six months.

Russia said it supports a suggestion from Saudi Arabia that OPEC and its allies extend their oil output cuts into next year.

Global crude inventories have not fallen as fast as OPEC or the hedge funds anticipated.