Three supertankers laden with crude oil successfully exited the Strait of Hormuz last week, carrying Iraqi and Emirati oil, Reuters has reported, citing data from Kpler and LSEG. The vessels switched off their transponders to avoid detection.
Crude oil production by OPEC members dropped by 7.2 million barrels daily last month, according to a Reuters survey using data from platform LSEG and analytics information providers, including Kpler, the publication reported.
Crude oil production will continue to outpace demand in 2025 despite OPEC+ caps on output, Kpler analyst Homayoun Falakshahi told Reuters.