OPEC+ Ships Record Fuel Volumes, Offsetting Some Crude Supply Curbs

The major oil producers in the Middle East are exporting record volumes of refined petroleum products, reducing the overall impact of their crude production cuts on the market, Reuters reports, citing flow-tracking data and analysts. OPEC+ producers have been curtailing crude oil production and supply for years, aiming to balance and “stabilize the market,” as it repeatedly says. But the key OPEC+ producers in the Gulf saw their combined fuel exports jump to a record high last year. This has likely negated part of the potential bullish…