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Irina Slav

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Oil Prices Slip As OPEC Oil Exports Creep Higher

OPEC’s crude oil exports reached 26.68 million bpd last month, energy data provider Kpler said, on the back of higher shipments from Libya, Nigeria, and the UAE. The figure was up by almost 388,000 bpd from June.

The UAE led the increase, shipping 326,000 bpd more in July than in June. Yet, Kpler notes, the June average was lower than usual, so the total for July, at 2.6 million bpd, was basically flat on May.

Libya, which has ramped up its crude oil output to above 1 million barrels, exported an average daily of 907,000 bpd in July, up 182,000 bpd on a monthly basis.

Nigeria’s exports rose by 130,000 bpd thanks to higher loadings through the Forcados terminal, to a total of 1.884 million bpd.

Kuwait was the OPEC member whose exports shrunk the most last month, with shipments down by 241,000 bpd to 1.977 million bpd. Angola was next, exporting 98,000 bpd less in July than in June, at 1.66 million bpd.

Saudi Arabia’s shipments of crude fell by 45,000 bpd last month to 7.155 million bpd. The Kingdom has pledged to cut its oil exports further, to 6.6 million bpd from this month.

Iran’s exports also fell, by 75,000 bpd to 2.476 million bpd. Related: Is Wall Street Funding A Shale Failure?

Meanwhile, Reuters reported that OPEC oil output rose by 90,000 bpd in July, thanks to higher production in Libya and Nigeria. The dip in Angolan exports and Saudi production, however, kept compliance with the production cut deal in the cartel at a respectable 84 percent, up from 77 percent in June.

OPEC agreed to cut overall supply by 1.2 million barrels last November, but Libya and Nigeria have proved a challenge as they were exempt because of militant activity that crippled their oil industries. Now this activity has largely subsided, and both have been pumping more. Nigeria promised to stop ramping up production once it hit 1.8 million bpd, but Libya has not made any such promises.

By Irina Slav for Oilprice.com

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