Arab Gulf Crude Exports Rise Above 130 Million Barrels

Crude oil exports from the Arab Gulf rose above 130 million barrels in the week ending June 18, according to Thomson Reuters’ Lead Oil Analyst for the Middle East and Africa, Giorgos Beleris.

In a research note sent to Rigzone, Beleris outlined that Iran’s exports almost doubled this week after witnessing two consecutive weeks of below par loadings.

“With the International group of Protection & Indemnity Clubs now granting extended cover for ship owners to use their tonnage for carrying Iranian oil, the country is no longer dependent on their National fleet for exports. This removes challenges that can result in increased exports in the future which will assist Iran’s plan of attaining more market share,” stated Beleris.

Iraq export numbers have also remained consistent “indicating the country is set to maintain high export volumes,” according to Beleris. Saudi crude exports rose to 49.67 million barrels in the week, a seven percent week-on-week increase, although average daily exports for June have dropped by around 600,000 barrels per day compared to May levels.

The export increase in the week ending June 18 follows gains of 9 million barrels from May 21 to May 28, compared to the week prior, and a total export figure of 121 million barrels in the seven days ending May 28.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Andreas Exarheas
Assistant European Editor | Rigzone
 -  Oil, Gas Firms Make Global 100 Most Su... (Jan 19)
 -  NPDC Pipeline Set on Fire, Cause Uncle... (Jan 18)
 -  BLOG: Buhari Changes Hard-Line Approac... (Jan 18)
 -  Modest Recovery Within UK Upstream Sec... (Jan 17)
 -  Ideal Employer Survey: Africa Values S... (Jan 16)


Most Popular Articles

From the Career Center
Jobs that may interest you
Sr. Accountant / Accounting Specialist, Revenue Accounting
Expertise: Accounting
Location: Houston, TX
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
Accounting / Credit Associate
Expertise: Accounting
Location: Houston, TX
 
search for more jobs

Brent Crude Oil : $54.16/BBL 0.44%
Light Crude Oil : $51.37/BBL 0.56%
Natural Gas : $3.37/MMBtu 2.12%
Updated in last 24 hours