China crude imports drop in May
China The fall in import demand occurred after <a href=’https://theenergyyear.com/companies-institutions/opec/’>OPEC reached an agreement on Friday to continue not to place limits on output. The organisation announced that it might go over its current production of nearly 30 million barrels per day if more oil is exported from Libya, Iraq or Iran.
Major worldwide producers are expected to further increase production, with Saudi Arabia and other low-cost producers continuing to raise output, according to Goldman Sachs. The US will likely boost drilling activity because oil prices have gone up enough to make exploration activity viable again.
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