Global oil trade in 2019 saw first decline in decade
Vienna/Sputnik/UNI: Global oil trade shrank last year for the first time since the 2009 financial crisis, the annual statistical review of world energy published by BP on Wednesday showed.
"Oil trade fell by 230,000 b/d [barrels per day] (0.3%) – the first decline since the financial crisis in 2009. Most of this decline was concentrated in crude oil trade," the report reads.
Middle East crude exports saw a sharp fall of 1.4 million barrels per day, mostly due to economic sanctions on Iran. This drop was only partially offset by a rise of 0.9 million barrels per day in US crude exports.
Overall, global oil production fell by 60,000 barrels per day in 2019 as strong growth in US output (1.7 million barrels per day) was more than offset by a decline in OPEC production, with sharp declines in Iran and Venezuela.
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