Jeddah (Sadaat News. June 17, 2020) due to the closure of the Korona and the closure of transport, oil supply was affected all over the world, due to which the economies of oil exporting countries including Saudi Arabia were heavily damaged. America was on top of the issue of exporting oil before the Kona epidemic. But during the last four months, Saudi Arabia has stripped the number of oil from Saudi Arabia by selling the highest oil in the world.
According to Arab news, Saudi Arabia has become the largest oil exporter in the world once again after taking off in the oil market of Saudi Arabia. There have been radically changes in the oil market for the last three months. After which, Saudi Arabia has regained the first position to export the oil of the United States last year. Industrial experts say that due to the Korona Virus in April 2020, the price of oil was decreased due to the high prices of oil.
After that, Saudi Arabia recorded an oil record of about 11 million barrels per day, when the US oil exports were recorded around 8.6 million barrels in that period. Later, after the historic agreement of OPEC Plus, exports of both countries decreased in May, but Saudi Arabia's oil exports are the highest despite this. In the second quarter of the economic survey in the Middle East, it was clear that Saudi Arabia has been at the forefront of production in the second quarter of 2020. Brent crude, which has a global benchmark, has returned to the top level from 40 dollars while West Texas Intermediate is 37 dollars.
After that, Saudi Arabia recorded an oil record of about 11 million barrels per day, when the US oil exports were recorded around 8.6 million barrels in that period. Later, after the historic agreement of OPEC Plus, exports of both countries decreased in May, but Saudi Arabia's oil exports are the highest despite this. In the second quarter of the economic survey in the Middle East, it was clear that Saudi Arabia has been at the forefront of production in the second quarter of 2020. Brent crude, which has a global benchmark, has returned to the top level from 40 dollars while West Texas Intermediate is 37 dollars.
The International Energy Agency (IEA) report predicts a far greater decline than expected in oil demand in 2020. The biggest drop in the history in oil demand will be 91.7 million barrels a day, which is less than the previous forecast. The International Energy Agency said that due to the serious condition of the Airlines, which has been reduced in demand for oil, it will have to wait until 2022. The report from the International Oil Agency noted that "although the situation in the oil market is precarious, the recent slight increase in prices has been more hopeful of the first half of 2020."
"The measures in the shape of the OPEC plus agreement and the meeting of the G20 Chief Ministers have contributed to the recovery of stability in the oil market. - The Joint Ministerial Supervisory Committee of the OPEC Plus Alliance will hold talks to review the implementation of the disputed deductions this weekend - Hoping that it could be extended for at least a month.
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