OPEC+ cuts partly due to reshaping of global oil flows, IEA says

With the arrival of over three million barrels per day of Russian crude into the region, Asian refiners’ appetite for medium sour Middle Eastern crudes may have waned, the IEA said

European Union and G7 restrictions on Russian oil exports led to a global shift in oil flows, with Asian refiners soaking up discounted Russian crude, in part explaining the recent OPEC+ decision to curtail output further, the West’s energy watchdog said on Friday.

“The rapid upheaval in global crude trade flows, may in part explain the recent decision by OPEC+ to cut production,” the IEA said. European refiners did not rush to replace Russian crude with similar quality Middle Easter medium sour crude, and instead changed their crude slates, favouring lighter, sweeter crudes like those produced by the United States, the IEA said.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

globeandmail /  🏆 5. in CA

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Oil gains after IEA sees demand rising to record highBrent crude futures were up 22 cents to $86.31 per barrel at 1046 GMT, while West Texas Intermediate crude futures rose 21 cents to $82.37
Read more »

OPEC+ decision to cut output sends a political message to Washington – Canadian InvestorOPEC+ decision to cut output sends a political message to Washington CanadiansInvest
Read more »

OPEC cites risks to summer oil outlook as backdrop to shock output cutsOPEC+ gave little information on the reasons for the surprise cuts, saying in a statement they were a ‘precautionary measure’ to support market stability
Read more »

'It was hell:' Ukrainian family safe in Quebec after surviving Russian airstrikesMONTREAL — Aurika Olkhova says she still can’t believe that she and her two daughters made it out of Ukraine alive after enduring weeks of bombing by the…
Read more »

Ukrainian family safe in Quebec after surviving Russian airstrikesThe psychological scars still give Aurika Olkhova nightmares and loud noises trigger memories of the bombings, but ‘the girls are happy’ in Quebec
Read more »

Wickenheiser, Virtue and Hughes among 42 former Canadian Olympians banned from RussiaThe Russian Foreign Ministry said it was closing its borders to 333 Canadians for signing a statement encouraging the removal of Russian athletes from next year’s Paris Olympics
Read more »