• 4 minutes Energy Armageddon
  • 6 minutes "How to Calculate Your Individual ESG Score to ensure that your Digital ID 'benefits' and money are accessible"
  • 12 minutes "Europe’s Energy Crisis Has Ended Its Era Of Abundance" by Irina Slav
  • 6 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 15 mins Is Europe heading for winter of discontent with extensive gas shortages?
  • 2 hours "False Flag Planted In Nord Stream Pipeline, GFANZ, Gore, Carney, Net Zero, U.S. Banks, Fake Meat, and more" - NEWS in 28 minutes
  • 6 days Wind droughts
  • 8 hours ""Green" Energy Is a Scam. It Isn't MEANT to Work." - By James Corbett of The Corbett Report
  • 3 days Kazakhstan Is Defying Russia and Has the Support of China. China is Using Russia's Weakness to Expand Its Own Influence.
  • 9 days "Natural Gas Price Fundamental Daily Forecast – Grinding Toward Summer Highs Despite Huge Short Interest" by James Hyerczyk & REUTERS on NatGas
  • 2 days Xi Is Set To Be Re-Elected As China’s Leader
  • 7 days Oil Prices Fall After Fed Raises Rates
  • 9 days Oil Stocks, Market Direction, Bitcoin, Minerals, Gold, Silver - Technical Trading <--- Chris Vermeulen & Gareth Soloway weigh in
  • 2 days 87,000 new IRS agents, higher taxes, and a massive green energy slush fund... "Here Are The Winners And Losers In The 'Inflation Reduction Act'"-ZeroHedge
  • 12 days Beware the Left's 'Degrowth' Movement (i.e. why Covid-19 is Good)
Oil Prices Could Be Set For Another Sharp Rise

Oil Prices Could Be Set For Another Sharp Rise

Bullish and bearish catalysts are…

Major Commodity Trader Sees Looming Oil Price Spikes

Major Commodity Trader Sees Looming Oil Price Spikes

Despite the weakness in paper…

Charles Kennedy

Charles Kennedy

Charles is a writer for Oilprice.com

More Info

Premium Content

Oil Prices Flat As OPEC Reveals Export Increase

  • OPEC has increased exports by 200,000 bpd so far in August.
  • Iran led the charge, increasing its output by 333,000 bpd.
  • Oil prices have remained flat so far in early trading. 

Crude oil exports by OPEC members have gone up by more than 200,000 bpd so far in August, PetroLogistics data has shown, as cited by USB’s Giovanni Staunovo.

The total daily rate of oil exports from OPEC averaged 21.39 million bpd.

Iran’s oil exports have added 333,000 bpd so far this month, the data also showed. The total Iran has been exporting stood at 1.131 million, PetroLogistics reported.

Any news about export increases should be bearish for oil prices, but the recent news that OPEC and its OPEC+ partners are considering production cuts pushed prices higher as it highlighted the cartel’s power to direct supply in accordance with its interests.

In an interview with Bloomberg this week, Saudi Arabia’s energy minister said that “extreme volatility” was “undermining the market’s essential function of efficient price discovery”, in turn rendering it impossible for physical users to manage the costs of hedging or navigate the inherent risk. 

“This vicious circle is amplified by the flow of unsubstantiated stories about demand destruction, recurring news about the return of large volumes of supply, and ambiguity and uncertainty about the potential impacts of price caps, embargoes, and sanctions,” Abdulaziz bin Salman told Bloomberg. 

He noted once again constraints on spare production capacity and noted that the risk of supply disruptions remained considerable.

OPEC+ undershot its production target by 2.9 million bpd last month after it produced 2.84 million bpd less in June. The reasons seem to include those capacity constraints as well as some OPEC members’ problems with boosting production at all.

The latest export data from PetroLogistics suggests the final production figures for August might be better, but just how much better remains to be seen. In the meantime, the risk of OPEC+ reversing its production policies to cuts would be strongly bullish for oil prices.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News