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U.S. Oil Exports Spike To Record Levels

offshore rig

Friday October 6, 2016

In the latest edition of the Numbers Report, we’ll take a look at some of the most interesting figures put out this week in the energy sector. Each week we’ll dig into some data and provide a bit of explanation on what drives the numbers.

Let’s take a look.

1. OPEC compliance on the upswing

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- OPEC has struggled to get a couple of its members to fully comply with the promised output reductions, with Iraq as a main outlier. For months Saudi Arabia cut deeper than required to make up for rising production in Libya and Nigeria.
- But compliance hit its highest point to date in August. Iraq lowered its output and production growth stalled in Libya and Nigeria.
- Even better, the non-OPEC coalition boosted its compliance as well, with Russia cutting more than required. Non-OPEC compliance exceeded 100 percent, and exceeded that of OPEC for the first time.
- The improved compliance coincided with a tightening of the oil market, helping to push up oil prices (briefly) to their highest point in two years.
- New data from Reuters suggests the high level of compliance may have slipped in September, with OPEC adding 50,000 bpd from the prior month.

2. Trump wants to prop up coal and nuclear

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- The U.S. DOE is proposing the most radical change to electricity market governing in a long time, seeking to boost the returns…

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