Visualizing OPEC’s Success

1 Dec 2017   OPEC

But it hasn’t all been plain sailing. In fact, it’s been decidedly choppy. From an export perspective, certain cartel members have made a concerted effort to keep crude off the market, while others have blatantly not. Saudi continues to lead the way in terms of compliance – and they have the most to #win. Versus last October’s reference level, OPEC exports have dialed back by an average of 300,000 barrels per day over the first three quarters of this year. Saudi Arabia is accountable for a large chunk of this, exporting around 260,000 bpd less over the period. While others have also reined in exports, increasing flows from the likes of Libya and Nigeria have offset these efforts. Although Saudi exports have ticked higher in the last couple of months, exports have dropped from other members instead. This has been out of necessity, as opposed to complicity. As the […]

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