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OPEC Combined Crude Production Drops in June

OPEC exports in June were below the October 2016 levels for the fourth time this year.

Despite higher exports from Saudi Arabia and Libya, OPEC’s combined crude oil and condensates exports dropped in June compared to May, and were below the levels from October last year for a fourth time this year, energy data provider Kpler has said.

OPEC’s total crude and condensate exports stood at 25.187 million bpd last month, down from 25.424 million bpd in May, and down from 25.493 million bpd in October 2016. The lower June overseas shipments were driven by declines in exports by the UAE, Algeria, Kuwait, and Iran, Kpler data showed.

OPEC exports in June were below the October 2016 levels for the fourth time this year. Total exports by the cartel were lower than the October exports level in January, April, May, and June this year, while they exceeded the October export volumes in February and March.

In June 2017, Saudi crude and condensate exports jumped by 657,000 bpd compared to May, and stood at 7.205 million bpd. Still, the level was 171,000 bpd lower than the October 2016 exports. Exports from Libya—which is gradually restoring output and is vying a 1-million-bpd production by the end of July—increased by 77,000 bpd in June compared to May, to 703,000 bpd, Kpler data showed.

These increases, however, were offset by falling exports from Algeria, Kuwait, and most notably—the UAE and Iran. Algeria’s exports fell by 178,000 bpd in June over May, the UAE crude and condensate exports plunged 363,000 bpd to 2.213 million bpd, Kuwait’s exports dropped 209,000 bpd to 2.053 million bpd, and Iranian exports slumped by 226,000 bpd to 2.31 million bpd. Compared to October 2016, Iran’s exports in June were down by 437,000 bpd, data by Kpler showed.

On the other hand, apart from Saudi Arabia and Libya, other OPEC producers that raised their crude and condensate exports last month were Iraq, with exports up by 96,000 bpd in June compared to May, Angola—with exports rising 78,000 bpd month-on-month, and Qatar—whose exports increased by 72,000 bpd in June over May.

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