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About 650,000 barrels per day (b/d) of Russian crude oil are to be relocated from advanced economies, and the solution could be ‘crude swapping’, says Wood Mackenzie.
The OPEC oil producers' group and its non-OPEC allies are poised to deepen its production cuts by 1.5 million barrels per day as the coronavirus (Covid-19) outbreak eats into global oil demand.
Global natural resources consultancy Wood Mackenzie sees OPEC maintaining its role as a key oil supplier through to 2040, although output from non-OPEC producers will help ensure adequate supply in the years to 2030.
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