OPEC Crude Export Average Rises in February
OPEC crude exports averaged 25.32 million barrels per day (bpd) in February, 1.72 million bpd higher compared to January levels, according to the latest research and forecasts report from Reuters.
“The bulk of the growth in daily average exports was seen out of the Middle East with 1.26 million bpd higher exports month on month, at 18.51 million bpd,” Reuters said in its report.
Saudi Arabia, Iran, Kuwait and the UAE posted ‘significant’ increases in exports, which were offset to some extent by Iraq, which experienced a 197,000 bpd decline month on month. Qatari exports surged by 320,000 bpd month on month to rise to 750,000 bpd.
The group exported 253,000 bpd more crude oil to Asia, although volumes to China declined by almost 300,000 bpd, month on month, to 3.41 million bpd. South Korea bought 257,000 bpd of crude more than January to stand at 2.08 million bpd.
European-bound cargoes ‘nosedived’ to 2.10 million bpd in February, a more than 400,000 bpd decline month on month, the report highlighted. Shipments to the US were relatively flat at 2.38 million bpd.
Export volumes are calculated by the Reuters oil research team using a bottom-up methodology that leverages data from the Trade Flows module available on Eikon.
WHAT DO YOU THINK?
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.
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Rooftop Solar Now 4th Largest Source of Electricity in Australia
- EU, Industry Players Ink Charter to Meet Solar Energy Targets
- US Confirms Reimposition of Oil Sanctions against Venezuela
- Analyst Says USA Influence on Middle East Seems to be Fading
- Brazil Court Reinstates Petrobras Chair to Divided Board
- Russian Ships to Remain Banned from US Ports
- EIB Lends $425.7 Million for Thuringia's Grid Upgrades
- Var Energi Confirms Oil Discovery in Ringhorne
- Seatrium, Shell Strengthen Floating Production Systems Collaboration
- An Already Bad Situation in the Red Sea Just Got Worse
- What's Next for Oil? Analysts Weigh In After Iran's Attack
- USA Regional Banks Dramatically Step Up Loans to Oil and Gas
- EIA Raises WTI Oil Price Forecasts
- Venezuela Authorities Arrest Two Senior Energy Officials
- Namibia Expects FID on Potential Major Oil Discovery by Yearend
- How Likely Is an All-Out War in the Middle East Involving the USA?
- Oil Markets Were Already Positioned for Iran Attack
- Is The Iran Nuclear Deal Revival Project Dead?
- Petrobras Chairman Suspended
- Oil and Gas Executives Predict WTI Oil Price
- An Already Bad Situation in the Red Sea Just Got Worse
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil and Gas Execs Reveal Where They See Henry Hub Price Heading
- Equinor Makes Discovery in North Sea
- Macquarie Strategists Warn of Large Oil Price Correction
- DOI Announces Proposal for Second GOM Offshore Wind Auction
- Standard Chartered Reiterates $94 Brent Call
- Chevron, Hess Confident Embattled Merger Will Close Mid-2024
- Analysts Flag 'Remarkable Feature' of 2024 Oil Price Rally