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IEA: OPEC Can’t Save The Oil Market

Irina Slav

Irina Slav

Irina is a writer for Oilprice.com with over a decade of experience writing on the oil and gas industry.

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OPEC Oil Exports Jump Ahead Of Meeting

Crude oil exports from OPEC went up by 619,000 bpd last month, data from French shipping data tracking company Kpler showed, with Venezuela notable for a 358,000-bpd increase alone. In fact, the troubled South American country with the largest oil reserves in the world booked the third-largest increase in monthly exports.

Saudi Arabia came on top, with an increase of 791,000 bpd in its exports, followed by the UAE, whose crude oil shipments abroad rose by 470,000 bpd. Angola also exported more in November than October, with the increase at 238,000 bpd, Kpler said.

Not surprisingly, Iran booked the largest decline in its crude oil exports as U.S. sanctions entered into effect, despite the waivers granted by Washington; the effect of these will be felt later. For November, however, Iran’s exports were down by 854,000 bpd to a total 1.041 million bpd.

Iran’s neighbor, Iraq, also booked a substantial decline in oil exports, down 239,000 bpd from October, to 3.765 million bpd.

Saudi Arabia exported an average daily of 8.138 million bpd last month, with Iraq coming second, and the UAE third, with a daily export rate of 2.828 million bpd. Nigeria exported 1.876 million bpd, down by 81,000 bpd from a month earlier.

The figures will likely pressure prices, which had just begun to improve slightly after Russian President Putin said at the G20 meeting Moscow was prepared to continue its partnership with OPEC regarding production, which suggested it will join the cuts.

While the amount of oil that OPEC and its partners will remove from the market has not yet been settled, analysts saw it at between 1 million bpd and 1.4 million bpd. Reuters today quoted sources from the cartel as saying the number discussed would be 1.3 million bpd. The talks with Russia were still ongoing, they added.

By Irina Slav for Oilprice.com

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