OPEC’s crude oil production increases in May
Iraq reportedly produced 3.8 million bpd in May, up from 3.695 million barrels in the previous month. Saudi Arabia, the world’s largest oil exporter, also raised its oil production to 10.333 million bpd from April’s 10.308 million bpd.
Meanwhile, the cartel’s latest monthly report stated that they decided to maintain their oil demand growth forecast steady for 2015 at 1.18 million bpd and added that they also expect demand for its own oil to rise by 300,000 bpd to 29.3 million bpd for this year.
However, OPEC reportedly expects oversupply for crude oil to lower to 2 million bpd over the upcoming quarters.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Tightness shapes expectations for Sept PVC pricing in Asia
- PP uptrend falters in Indonesia amid downstream resistance
- Will European PE market sustain uptrend following higher ethylene?
- COVID-19 resurgence weighs on polymer sentiment in Vietnam
- Stats: Turkey’s H1 polymer imports defy pandemic, hit all-time high
- Stats: China’s total PP, PE imports set a new record in H1 2020
- Lackluster demand outweighs tightness in Asian ABS markets
- Will costs drum up support for a 3rd-month-firming in Europe PET market?
- Import PE markets give softening signals in China, SE Asia
- PVC supplies tight, demand robust across Europe