At the beginning of March, OPEC was unable to reach a deal on a large-scale reduction in production with Russia and other manufacturers outside the organization, which accelerated the fall in prices, which were already falling due to the outbreak of coronavirus. Brent crude fell below $ 22 a barrel, the lowest level since 2002.
“OPEC shipments in March remained virtually unchanged from February and fluctuate at record low levels,” said Daniel Gerber, Petro-Logistics CEO.
OPEC, Russia and other producers agreed to limit production to 1.7 million barrels per day until March 31 to support prices.
Production is expected to continue to grow next month. Saudi Arabia reduces oil refining in April to increase export potential, and, according to the official, plans to ship 10.6 million barrels per day in May.
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