• 3 minutes Shale Oil Fiasco
  • 7 minutes "Leaked" request by some Democrats that they were asking Nancy to coordinate censure instead of impeachment.
  • 12 minutes Trump's China Strategy: Death By a Thousand Paper Cuts
  • 16 minutes Global Debt Worries. How Will This End?
  • 2 hours americavchina.com (otherwise known as OilPrice).
  • 1 day Everything you think you know about economics is WRONG!
  • 1 day Wallstreet's "acid test" for Democrat Presidential candidate to receive their financial support . . . Support "Carried Interest"
  • 2 days Democrats through impeachment process helped Trump go out of China deal conundrum. Now Trump can safely postpone deal till after November 2020 elections
  • 2 hours Forget The Hype, Aramco Shares May be Valued At Zero Next Year
  • 8 hours Natural Gas
  • 5 hours Joe Biden, his son Hunter Biden, Ukraine Oil & Gas exploration company Burisma, and 2020 U.S. election shenanigans
  • 2 days Judiciary impeachment: Congressman says Sean Misko, Abigail Grace and unnamed 3rd (Ciaramella) need to testify.
  • 15 hours Winter Storms Hitting Continental US
  • 1 day 2nd Annual Great Oil Price Prediction Challenge of 2019
  • 2 days Quotes from the Widowmaker
  • 2 days Tesla Launches Faster Third Generation Supercharger
  • 4 hours My interview on PDVSA Petrocaribe and corruption
Alt Text

The Toughest Part Of The OPEC Deal

OPEC+ agreed to deepen output…

Irina Slav

Irina Slav

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

More Info

Premium Content

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

More Top Reads from Oilprice.com:




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play