A report broadcast by Bloomberg said that after the difficult month of April, producers are now reducing exports as part of the deal by OPEC + to absorb the abundance of oil.
The report confirmed Saudi gains by being the only producer among the four largest producers in OPEC increased exports to India in April, which amounted to 1.1 million barrels per day, the highest level in three years, according to tracking Bloomberg tankers.
The report indicated that the Kingdom’s exports to China doubled to 2.2 million barrels per day, the highest level since 2017, while its exports to the United States amounted to one million barrels per day, the largest number since August 2018.
Brent crude lost about half of its value this year, and closed above $ 30 a barrel on Tuesday for the first time in three weeks.
Producers are expected to face a drop in demand if the economy continues to shut down to tackle the Corona outbreak.