OPEC’s oil output surges in April
The Doha meeting between OPEC and non-OPEC producers ended without a consensus on freezing output at January levels due to Saudi Arabia and other Gulf nations disagreeing upon a freeze deal without the participation of all OPEC members, including Iran. The next OPEC meeting is scheduled to take place on June 2 in Vienna.
Iran boosted its crude output by 300,000 barrels per day (bpd) to 3.5 million bpd, which indicates the highest level since December 2011. Iraq, on the other hand, increased production by 160,000 bpd to 4.31 million in April. Saudi Arabia, OPEC’s largest producer, increased output by 80,000 bpd to 10.27 million bpd, the highest level seen since November.
More free plastics newsPlastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...
- Bearish PP trend takes no respite on lackluster demand in Turkey
- India import PVC market recedes from all-time high on COVID-hit demand
- Stats: China’s total PP, PE imports in Q1 mark lowest volume in a year
- Vietnamese PE buyers hold off purchases on fears of further price pullback
- European PS on brink of a softer trend after 6 months
- Turkish PP and PE players voice bearish expectations for May
- China’s local homo-PP prices slide below imports
- Irregular PE origins emerge at competitive prices in Europe
- Mid-Eastern sellers backpedal in Africa on competitive PP, PE offers from Asia
- European PVC set to extend longest rising streak into May