OPEC+ BOOSTS OIL EXPORTS IN SEPTEMBER - Kedai Saham
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Friday, October 2, 2020

OPEC+ BOOSTS OIL EXPORTS IN SEPTEMBER

OPEC+ BOOSTS OIL EXPORTS IN SEPTEMBER

OPEC+, a group of major producers led by Saudi Arabia and Russia, raised oil exports to 22.84 million barrels per day (bpd) in September from 22.11 million bpd in August.

According to data from IHS Markit Commodities at Sea, OPEC members shipped out 18.2 million b/d, up from the 17.53 million b/d exported in August. 

Saudi Arabia's outbound shipments rose above 6.5 million bpd, having slowed to sub-5 million bpd in June. 

Meanwhile, Russia's exports increased to 3.59 million bpd in September from 3.52 million bpd in August. 

Brent oil fell by over 3% to $39.94 on Thursday to hit the lowest level since Sept. 15. At press time, a barrel of Brent is changing hands at $40.54. 

*BAD FOR OIL PRICE*

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