Oil Prices Slide Despite Falling OPEC Exports

1 Sep 2017   Prices

Saudi Arabia stuck to its promise to further cut crude oil exports in August to 6.6 million bpd, bringing OPEC’s total for the month to 25.897 million barrels daily, energy data provider Kpler reported. All but five of OPEC’s members cut their daily shipments abroad. The notable exceptions were Algeria, Angola, Iran, Kuwait, and Nigeria. For Iran and Nigeria, August marked the highest daily export rate year-to-date. Despite the decline in OPEC crude oil exports, oil prices continue to falter, with WTI losing 6 percent over the month of August. Iran led the increase with an additional 182,000 bpd versus July, to a total 2.698 million bpd exported in August. Kuwait upped its outbound shipments by 157,000 bpd to 2.135 million bpd. Algeria exported 147,000 bpd more in August than in July, at 668,000 bpd, and Angola exported 103,000 bpd more, at 1.763 million bpd. Nigeria increased its August […]

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