Opec has to stick to agreed production cuts to keep oil prices steady
Global oil consumption has fallen from 97.72 million barrels a day in Q4 to 96.58 million
Add BT as a preferred source
DeeperDive is a beta AI feature. Refer to full articles for the facts.
London
OIL traders are hoping that Opec will continue with agreed production cuts at the coming end-May meeting as supply and demand are narrowly in balance and global inventories are high.
Latest statistics of the International Energy Agency (IEA) show that following the Opec accord and decline in US, Russia and other non-Opec productions, global crude oil supplies fell from 98.3 million barrels a day in the fourth quarter of last year to marginally under 96 million barrels in March.
Copyright SPH Media. All rights reserved.
TRENDING NOW
Ministry of Home Affairs Permanent Secretary Pang Kin Keong to retire
Shelving S$5 billion office redevelopment plan proved ‘wise’ as geopolitical risks mount: OCBC chairman
Richard Eu on how core values, customers keep Singapore’s TCM chain Eu Yan Sang relevant
China pips the US if Asean is forced to choose, but analysts warn against reading it like a sports result
