Despite OPEC+ deal collapse, Saudi oil exports yet to rise-sources - Reuters:
Top oil exporter Saudi Arabia has yet to boost crude shipments significantly, two industry sources who track the flows said, suggesting a lack of demand despite a deep slide in prices as major producers battle for market share.
The kingdom plans to ship more than 10 million barrels per day (bpd) from May following the collapse of a supply-cut pact by the Organization of the Petroleum Exporting Countries and other producers led by Russia, known as OPEC+.
So far, exports in March are running significantly below that rate, the sources said, showing little change from February. This could reflect lower demand from customers, such as China following the coronavirus outbreak.
“Saudi March exports are so far in the 7.3 million bpd region, not more,” one of the sources said on condition of anonymity. “Total supply is way below 10 million bpd.”
No comments:
Post a Comment