OPEC alliance increased fuel oil exports

Sunbd Desk , Published: 2021-05-24 11:30:21, Updated: 2021-05-24 11:30:21

OPEC, the world’s largest oil exporter, has boosted fuel oil exports. This month, the alliance increased fuel oil exports by 1 million barrels per day. Meanwhile, the non-OPEC organization OPEC Plus has been pursuing a policy of supply and demand reduction to boost the oil market. However, in the wake of the Corona epidemic, the coalition took up plans to increase the extraction and supply of fuel oil. OPEC Plus has backtracked on its decision to reduce its oil production by 3.5 million barrels per day this month. Petroleum Logistics, a global fuel oil trade watchdog, said in a statement. NewsOilPrice.com.

At the beginning of April this year, a ministerial meeting of the OPEC Plus countries was held. At this meeting, it was decided to continuously increase oil extraction in the next three months. According to the decision, the alliance will continuously increase the supply of fuel oil by 1 million barrels per day in May and July. OPEC Plus also said it would increase oil extraction by 3.5 million barrels per day in May and June and more than 400,000 barrels in July.

Sunbd/NJ