Vessel-tracking and port data compiled by Refinitiv indicates China will import 867,300 bbl/d of U.S. crude oil in September, exceeding 653,870 bbl/d in August and 693,500 bbl/d in July.
OPEC member Libya is exempt from cutting oil output under a deal by OPEC and allies, known as OPEC+. A restart in Libya supply could force other producers to make further reductions to support prices.
The first cut is the deepest…or not? OPEC+ will likely need to add oil output cuts soon, Stratas Advisors says in its latest oil price forecast.