• 4 minutes Trump has changed into a World Leader
  • 7 minutes China's Economy and Subsequent Energy Demand To Decelerate Sharply Through 2024
  • 8 minutes Indonesia Stands Up to China. Will Japan Help?
  • 10 minutes US Shale: Technology
  • 13 minutes Which emissions are worse?: Cows vs. Keystone Pipeline
  • 14 minutes What's the Endgame Here?
  • 17 minutes Shale Oil Fiasco
  • 16 mins We're freezing! Isn't it great? The carbon tax must be working!
  • 23 mins Boris Johnson taken decision about 5G Huawei ban by delay (fait accompli method)
  • 15 hours Beijing Must Face Reality That Taiwan is Independent
  • 3 mins Prototype Haliade X 12MW turbine starts operating in Rotterdam
  • 9 hours Might be Time for NG Producers to Find New Career
  • 14 mins Phase One trade deal, for China it is all about technology war
  • 18 hours Turkey Muscles-In on Israel-Greece-Cyprus EastMed Gas Pipeline Deal. Erdogan Still Dreaming of Ottoman Empire II.
  • 14 mins Environmentalists demand oil and gas companies *IN THE USA AND CANADA* reduce emissions to address climate change
  • 1 day Trump capitulated
Alt Text

How China Could Restart The U.S. Oil Export Boom

China may resume purchases of…

Alt Text

China Turns Its Back On Iran’s Crude Oil

Beijing is doing its best…

Alt Text

Just How Serious Is The Shale Slowdown?

There has been a lot…

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

Oil Prices Slide Despite Falling OPEC Exports

Saudi Arabia stuck to its promise to further cut crude oil exports in August to 6.6 million bpd, bringing OPEC’s total for the month to 25.897 million barrels daily, energy data provider Kpler reported. All but five of OPEC’s members cut their daily shipments abroad. The notable exceptions were Algeria, Angola, Iran, Kuwait, and Nigeria. For Iran and Nigeria, August marked the highest daily export rate year-to-date.

Despite the decline in OPEC crude oil exports, oil prices continue to falter, with WTI losing 6 percent over the month of August.

Iran led the increase with an additional 182,000 bpd versus July, to a total 2.698 million bpd exported in August. Kuwait upped its outbound shipments by 157,000 bpd to 2.135 million bpd. Algeria exported 147,000 bpd more in August than in July, at 668,000 bpd, and Angola exported 103,000 bpd more, at 1.763 million bpd. Nigeria increased its August exports by 102,000 bpd to 2.06 million bpd.

Saudi Arabia led the cutters’ camp, exporting 494,000 fewer barrels per day in August than in July, followed by Qatar, which reduced its foreign crude oil shipments by 208,000 bpd from July, to 732,000 bpd in August.

Libyan exports also fell, by 64,000 bpd to 813,000 bpd, but Kpler noted that this decline will probably be reversed soon as it was a result of lower loadings from Zawiya –the port which receives crude from the country’s largest field, Sharara. Production at Sharara was suspended for quite a while last month. Yet, other terminals, namely Es Sider and Zueitina, loaded and will be loading more crude going forward, and these loadings will offset the declines in Zawiya.

While the latest sign that Saudi Arabia is indeed committed to doing whatever it takes to help the oil market rebalance should be a positive one for market participants, prices continue to be depressed. They are still far from the US$55 per barrel from last December despite a recent Reuters survey that suggested compliance among OPEC members had risen to 89 percent and that also estimated OPEC crude oil output had fallen by 170,000 bpd in August. The precariousness of OPEC’s position was highlighted by the effects of Hurricane Harvey, which apparently provided enough of a counterweight to the positive potential of these figures.

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