• 2 minutes California to ban gasoline for lawn mowers, chain saws, leaf blowers, off road equipment, etc.
  • 6 minutes China and India are both needing more coal and prices are now extremely high. They need maximum fossil fuel.
  • 11 minutes Europeans and Americans are beginning to see the results of depending on renewables.
  • 11 hours Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 1 hour The Climate Scare Stories Began With Far Left Ideology Per GreenPeace Co-Founder
  • 2 days "A Very Predictable Global Energy Crisis" by Irina Slav --- MUST READ
  • 23 mins Putin and Xi have decided not to attend the Climate Summit in Glasgow
  • 1 day Two Good and Plausible Ideas about Saving Water and Redirecting it to Where it is Needed.
  • 3 days Did China cherry-pick the factors that affected the economic slow-down?
  • 2 days Are you aware of Oil Price short videos on our energy topics?
  • 2 days "Here is The Hidden $150 Trillion Agenda Behind The "Crusade" Against Climate Change" - Zero Hedge re: Bank of America REPORT
  • 2 days Is China Rising or Falling? Has it Enraged the World and Lost its Way? How is their Economy Doing?
  • 2 days NordStream2

Breaking News:

California Gasoline Prices Are Spiking

Oil Rebounds On Surprise Crude Inventory Draw

Oil Rebounds On Surprise Crude Inventory Draw

Oil prices rebounded on Wednesday…

Drop In Saudi Oil Exports Keeps OPEC+ Shipments Flat In October

A 386,000-barrel-per-day (bpd) cut in Saudi Arabia’s crude oil shipments kept total seaborne exports of the OPEC+ group stable in October compared to September, although Russia boosted its seaborne exports by nearly 300,000 bpd, data from IHS Markit showed on Tuesday.

Total OPEC+ crude oil exports by sea averaged 22.5 million bpd in October, slightly up from 22.37 million bpd in September, due to the large drop in Saudi shipments, as well as lower exports from Venezuela and continued low levels of exports from West African producers and OPEC members, Nigeria and Angola, according to preliminary data from IHS Markit Commodities at Sea.

In September, Saudi crude oil shipments returned to above 6.2 million bpd, close to the levels last observed in March 2020, before the Saudis flooded the world with oil in April in the brief price war with Russia. This led to the OPEC+ alliance increasing its September oil shipments by around 700,000 bpd compared to August, IHS Markit said last month, analyzing the data for September.

In October, Saudi Arabia’s crude oil exports fell back below 6 million bpd—to 5.861 million bpd, according to IHS Markit’s estimates released today.  

Saudi Arabia’s key ally in the deal, Russia, however, increased its seaborne crude oil exports to 3.83 million bpd last month from 3.54 million bpd in September, contributing to the small rise in total OPEC+ oil shipments.

Early indications about November shipments currently point to OPEC+ sticking to the quotas, according to loading programs from some producers and nominations by term buyers to Middle East producers.

Going forward, the main question for the market is whether OPEC+ will decide to delay the easing of the cuts that are currently planned for January. The global oil market will find absorbing additional 2 million bpd challenging which “will most probably add severe pressure to prices,” wrote Fotios Katsoulas, Liquid Bulk Principal Analyst, Maritime & Trade at IHS Markit, and Raj Rajendran, Principal Journalist, OPIS.

Crude oil in floating storage around the world has fallen below 70 million barrels in recent weeks, but this is still a very high level, according to the analysts.

By Charles Kennedy for Oilprice.com

More Top Reads From Oilprice.com:

Join the discussion | 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