OPEC+, a group of oil-producing countries, is doing something interesting! They're cutting back on how much raw oil (crude oil) they sell, but they're selling lots of refined oil products like gasoline and diesel instead. This is like making a cake - you can sell the raw ingredients, but you can also bake it into a more valuable cake and sell that. It's all about making more money.
- OPEC+ countries are selling record amounts of refined oil products.
- They're making more money by selling refined products than raw crude oil.
- This means less of an impact on global oil supply than first expected.
- Oil prices are lower because of this increased supply and weaker demand from China.
| Fact | Number |
|---|---|
| Record refined oil exports (2024) | 5.51 million barrels per day |
| Increase in refined exports compared to previous year | More than 7% |
| Decrease in crude oil exports (2024) | 713,000 barrels per day |
| Current oil price (approx.) | $70 per barrel |
