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OPEC+’s April decision to extend production cuts is projected to trigger a 1.6 million mt/year loss in LPG output should the reduction be fully achieved, according to a report by S&P Global Commodity Insights. This production cut adds to the 2 million b/d from November 2022 to December 2023, leading to a total cut of 3.16 million b/d. Non-OPEC+ countries such as the US, Canada, and Qatar are likely to offset these cuts.

OPEC+ Move to Extend Oil Cuts to Stir LPG Output Loss

OPEC+’s April decision to extend production cuts is projected to trigger a 1.6 million mt/year loss in LPG output should the reduction be fully achieved, according to a report by S&P Global Commodity Insights. This production cut adds to the 2 million b/d from November 2022 to December 2023, leading to a total cut of 3.16 million b/d. Non-OPEC+ countries such as the US, Canada, and Qatar are likely to offset these cuts.

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