• 4 minutes China 2019 - Orwell was 35 years out
  • 7 minutes Wonders of US Shale: US Shale Benefits: The U.S. leads global petroleum and natural gas production with record growth in 2018
  • 11 minutes Trump will capitulate on the trade war
  • 14 minutes Glory to Hong Kong
  • 2 hours China's Blueprint For Global Power
  • 11 hours Yesterday Angela Merkel stopped Trump technology war on China – the moral of the story is do not eavesdrop on ladies with high ethical standards
  • 9 hours IMO 2020:
  • 5 hours Here's your favourite girl, Tom!
  • 11 hours Brexit agreement
  • 6 hours The Problem Is The Economy, Not The Climate
  • 7 hours Idiotic Environmental Predictions
  • 36 mins The Ultimate Heresy: Technology Can't Fix What's Broken
  • 3 mins Australian Hydroelectric Plant Cost Overruns
  • 1 day World Stocks Drop And Futures Tread Water After China Reports Worst GDP Growth In 30 Years
  • 1 day Deepwater GOM Project Claims Industry First
  • 13 hours NATGAS, LNG, Technology, benefits etc , cleaner global energy fuel
Is The U.S. Gas Boom Already Over?

Is The U.S. Gas Boom Already Over?

As natural gas prices continue…

Saudis To Maintain Q1 Crude Oil Exports Around 7 Million Bpd

oil tanker at sea

Despite planned refinery shutdowns for maintenance at home, Saudi Arabia plans to keep the low level of its crude oil exports in the first quarter this year at around 7 million bpd, industry sources told Reuters on Wednesday, in a sign that OPEC’s leading producer is committed to keeping supply tight in hopes of erasing the global glut.

Saudi Arabia also plans to keep its crude oil production at some 9.8 million bpd, Reuters’ source said. This is below Saudi Arabia’s ceiling of 10.058 million bpd in the production cut deal between OPEC and its non-OPEC allies led by Russia. The Saudis have been overcomplying with their share of the cuts for most of last year, and it looks like they will continue to do so.

In December 2017, Saudi Arabia’s crude oil production declined by 10,900 bpd from November to stand at 9.918 million bpd, according to OPEC’s secondary sources.

In exports, the Saudis were planning to keep January shipments at 6.9 million bpd, while in December, Saudi Arabia had cut total crude oil exports by 120,000 bpd from just above 7 million bpd in November, cutting shipments to all regions, including a more-than-10-percent reduction of oil exports to the U.S.

Related: The Biggest Oil Collapse In History

Saudi Arabia’s crude oil exports last month dropped to 6.6 million bpd, down from 7.18 million bpd in November, according to tanker tracking data cited by Bloomberg. The six Middle Eastern OPEC producers—Saudi Arabia, Iraq, the UAE, Iran, Kuwait, and Qatar—saw their combined exports in December at the lowest level since August, the vessel-tracking data compiled by Bloomberg showed.

Two weeks ago, a senior OPEC source told Reuters that the Persian Gulf OPEC producers were planning to keep their oil production in Q1 2018 lower than the levels in the same period last year, despite strong global oil demand growth and dropping inventories.

“Gulf oil producers want to make sure that the excess in commercial oil inventories which was built over the past three years will be wiped out completely,” the source told Reuters.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play