Uncertainty in oil markets weigh on Middle East exports

LPG Market Outlook

June 2020

Earlier this month, the members of OPEC+ agreed to extend the 9.7 MMb/d production cuts on the assumption producers will comply to the agreement. As a result of the oil price war between Russia and Saudi Arabia earlier this year, there has been poor compliance from Iraq and Nigeria and over-compliance by other producers causing a rift between the members. In addition, global oil and refined product demand has plummeted as a result of Covid-19 related lockdowns and a subsequent economic downturn.

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