{"id":1914825,"date":"2023-04-14T11:10:58","date_gmt":"2023-04-14T15:10:58","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-cuts-partly-due-to-reshaping-of-global-oil-flows-iea-says\/"},"modified":"2023-04-14T11:11:52","modified_gmt":"2023-04-14T15:11:52","slug":"opec-cuts-partly-due-to-reshaping-of-global-oil-flows-iea-says","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/opec-cuts-partly-due-to-reshaping-of-global-oil-flows-iea-says\/","title":{"rendered":"OPEC+ cuts partly due to reshaping of global oil flows, IEA says"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">24<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fopec-cuts-partly-due-to-reshaping-of-global-oil-flows-iea-says%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1914825&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47-->\n<div class=\"entry-content\">\n<p>According to the International Energy Agency (IEA), recent cuts in oil production by OPEC+ are partly due to changes in global oil flows. The EU and G7 restrictions on Russian oil exports led to a shift in oil flows, with Asian refiners purchasing discounted Russian crude. This could explain why Asian refiners&#8217; demand for medium sour Middle Eastern crudes decreased. The arrival of over three million barrels per day of Russian crude in the region could have had an impact. The IEA claims that this rapid upheaval in global crude trade flows is why OPEC+ decided to cut production.<\/p>\n<p>Several OPEC+ members, including Russia, announced unilateral oil production cuts of 1.7 million barrels per day, bringing total cuts made by the group to 3.7 million barrels per day until the end of 2020. While Asian refiners took advantage of heavy discounts on Russian crude, European refiners did not rush to replace Russian crude with similar quality Middle Eastern medium sour crude. European refiners instead changed their crude slates and favoured lighter, sweeter crudes such as those produced by the United States.<\/p>\n<p>Bottlenecks, logistical constraints, and hydrotreating, a process to reduce sulphur content in crude, were some of the reasons for European refiners shunning Middle Eastern medium sour. The IEA reports that European refiners had no financial incentive to process Middle Eastern crudes, while Asian refiners did benefit from discounted Russian crude.<\/p>\n<p>Reporting by Ahmad Ghaddar; Editing by Mark Potter<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>By Ahmad Ghaddar LONDON (Reuters) \u2013 European Union and G7 restrictions on Russian oil exports led to a global shift in oil flows, with Asian refiners soaking up discounted Russian crude, in part explaining the recent OPEC+ decision to curtail output further, the West\u2019s energy watchdog said on Friday. With the arrival of over three<\/p>\n","protected":false},"author":66,"featured_media":1914826,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[3862,24378,5179,24377,7393,23480,21142,24376],"class_list":["post-1914825","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann","tag-cuts","tag-flows","tag-global","tag-iea","tag-oil","tag-opec","tag-partly","tag-reshaping"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1914825","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1914825"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1914825\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1914826"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1914825"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1914825"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1914825"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}