LPG Market Outlook: Uncertainty in oil markets weigh on Middle East exports
LPG Market Outlook
June 2020
Earlier this month, the members of OPEC+ agreed to extend the 9.7 MMb/d production cuts on the assumption producers will comply to the agreement. As a result of the oil price war between Russia and Saudi Arabia earlier this year, there has been poor compliance from Iraq and Nigeria and over-compliance by other producers causing a rift between the members. In addition, global oil and refined product demand has plummeted as a result of Covid-19 related lockdowns and a subsequent economic downturn.
