OPEC Fails To Cut Oil Exports Below 2016 Levels

8 Sep 2017   OPEC

OPEC exported 25.19 million bpd of crude oil last month, the lowest since April this year, Thomson Reuters Oil Research said , but the eight-month average for the year to date was 25.05 million barrels, exceeding the average for the corresponding period of 2016, which stood at 24.85 million bpd. What’s more disheartening for the cartel, which has been cutting production since last December, is that the August fall was mostly a result of supply disruptions in Africa rather than the outcome of the conscious effort. “Crude oil exports from OPEC’s African members tumbled by 540,000 bpd month-on-month to below 5 million bpd after posting their highest export volumes in July since at least Jan. 2015, thereby breaking a four-month streak of rising exports,” the research unit said in a report on Wednesday. While this fall in crude oil exports from Africa compensated for higher shipments from Middle Eastern […]

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