• 3 hours India, China, U.S., Complain Of Venezuelan Crude Oil Quality Issues
  • 8 hours Kurdish Kirkuk-Ceyhan Crude Oil Flows Plunge To 225,000 Bpd
  • 12 hours Russia, Saudis Team Up To Boost Fracking Tech
  • 18 hours Conflicting News Spurs Doubt On Aramco IPO
  • 19 hours Exxon Starts Production At New Refinery In Texas
  • 21 hours Iraq Asks BP To Redevelop Kirkuk Oil Fields
  • 2 days Oil Prices Rise After U.S. API Reports Strong Crude Inventory Draw
  • 2 days Oil Gains Spur Growth In Canada’s Oil Cities
  • 2 days China To Take 5% Of Rosneft’s Output In New Deal
  • 2 days UAE Oil Giant Seeks Partnership For Possible IPO
  • 2 days Planting Trees Could Cut Emissions As Much As Quitting Oil
  • 2 days VW Fails To Secure Critical Commodity For EVs
  • 2 days Enbridge Pipeline Expansion Finally Approved
  • 2 days Iraqi Forces Seize Control Of North Oil Co Fields In Kirkuk
  • 2 days OPEC Oil Deal Compliance Falls To 86%
  • 3 days U.S. Oil Production To Increase in November As Rig Count Falls
  • 3 days Gazprom Neft Unhappy With OPEC-Russia Production Cut Deal
  • 3 days Disputed Venezuelan Vote Could Lead To More Sanctions, Clashes
  • 3 days EU Urges U.S. Congress To Protect Iran Nuclear Deal
  • 3 days Oil Rig Explosion In Louisiana Leaves 7 Injured, 1 Still Missing
  • 3 days Aramco Says No Plans To Shelve IPO
  • 5 days Trump Passes Iran Nuclear Deal Back to Congress
  • 6 days Texas Shutters More Coal-Fired Plants
  • 6 days Oil Trading Firm Expects Unprecedented U.S. Crude Exports
  • 6 days UK’s FCA Met With Aramco Prior To Proposing Listing Rule Change
  • 6 days Chevron Quits Australian Deepwater Oil Exploration
  • 6 days Europe Braces For End Of Iran Nuclear Deal
  • 6 days Renewable Energy Startup Powering Native American Protest Camp
  • 7 days Husky Energy Set To Restart Pipeline
  • 7 days Russia, Morocco Sign String Of Energy And Military Deals
  • 7 days Norway Looks To Cut Some Of Its Generous Tax Breaks For EVs
  • 7 days China Set To Continue Crude Oil Buying Spree, IEA Says
  • 7 days India Needs Help To Boost Oil Production
  • 7 days Shell Buys One Of Europe’s Largest EV Charging Networks
  • 7 days Oil Throwback: BP Is Bringing Back The Amoco Brand
  • 7 days Libyan Oil Output Covers 25% Of 2017 Budget Needs
  • 7 days District Judge Rules Dakota Access Can Continue Operating
  • 8 days Surprise Oil Inventory Build Shocks Markets
  • 8 days France’s Biggest Listed Bank To Stop Funding Shale, Oil Sands Projects
  • 8 days Syria’s Kurds Aim To Control Oil-Rich Areas
Alt Text

Clashes In Kurdistan Send Oil Prices Higher

Reports of skirmishes between Iraqi…

Alt Text

IEA: Oil Prices To Hit A Ceiling In 2018

Global oil markets appear to…

Oil Prices Slip As OPEC Oil Exports Creep Higher

OPEC

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

More Top Reads From Oilprice.com:




Back to homepage


Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News