04-08-2017

OPEC crude exports hit record high in July – Thomson Reuters Oil Research

Crude

Crude oil exports by the Organization of the Petroleum Exporting Countries rose to a record high in July, driven largely by soaring exports from the group’s African members, according to a report by Thomson Reuters Oil Research on Thursday. July’s 26.11 million barrels per day in exports marked a rise of 370,000 bpd, most of which came from Nigeria, which posted a rise of 260,000 bpd in shipments. Shipments from the Middle East fell to 18.14 million bpd in July from 18.53 million bpd, as Saudi Arabia, Kuwait and Qatar all registered declines.

The steepest drop came from Saudi Arabia, which loaded an average of 7.10 million bpd, down 360,000 bpd from June’s 746,000 bpd. “Year to date, the country has seen exports average at 7.26 million bpd, almost 300,000 bpd down from the 2016 average, showcasing full commitment to curbing supplies. However, supply remains persistently above demand, as other OPEC members have not managed to limit their exports in line with production,” the report said.

Below are some key findings from this month’s report by Thomson Reuters Oil Research, which makes its calculations based on tracking crude oil flows and tanker data:

* Nigerian exports rose by 260,000 bpd to 2.19 million bpd, their highest since November 2015, while Angolan exports rose 200,000 bpd on the month to 1.89 million bpd.

* Libyan exports rose 120,000 bpd month-on-month to 880,000 bpd, almost double exports in April.

* Iraqi exports were virtually unchanged on the month at 3.22 million bpd. Kirkuk loadings from the Turkish port of Ceyhan rose to 442,000 bpd in July from 369,000 bpd in June.

* Iranian exports rose by 103,000 bpd to 2.29 million bpd in July. Iran has maintained crude exports above 2 million bpd every month this year except April.

Source: Reuters

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