OPEC cuts oil demand increase in Asia

After the cuts in oil production carried out due to the agreement of the Organization of Petroleum Exporting Countries (OPEC), announced in late 2016 and already reported by Panorama Offshore (http://migre.me/w6NsO), traders' black gold 'tripled its exports to Asia.

According to Thomson Reuters Oil Research and Forecasts, about 30 supertankers ships made monthly trips to send crude oil of the Americas, the North Sea and the Mediterranean to refineries around Asia, which has shown the highest growth rate in consumption of commodities.

Brazil is among the countries that take advantage of the lack of supply and has been exporting oil to Asia along with Britain and the United States. To get an idea, shipments to Asia from Brazil reached a record 16.7 million barrels in February, compared to 6.9 million in October 2016.

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