OPEC & Global Markets

The Opec+ production agreement was dealt a devastating blow in March 2020 when Opec producers were unable to sign Russia up to deeper cuts. The process has shown that while Opec is unable to bring about substantial price gains, its strength lies in the ability of its core members to flood the market and undercut prices.

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Opec Petroleum Export Revenue On Track To Fall To Just 30% Of 2012 Levels ($Bn)

1: Brazil Crude Output Fell To A 10-Month Low In May, A Far Cry From Projections Of A Series Of Records For 2020 (Mn B/D)

2: But Covid-19 Saw Local Demand Fall By Even More: Brazil’s Crude Exports Leapt Over 300,000 B/D In May To The Second Highest Figure On Record (‘000 B/D)

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