OPEC+ has exported a record amount of refined products, blunting the impact of the group's crude output curbs, as members seek to boost their revenues and market share. Seaborne fuel exports from Gulf OPEC+ members hit an all-time high in 2024, more than 7% higher than the previous year. The increase in supply of refined products is among the factors that have weighed on prices over the last two years due to weak demand growth from China. Through higher fuel exports, OPEC+ countries have been able to expand market share despite the crude cuts.