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.