OPEC oil exports averaged 22.34 million bpd during May 2015, 850 000 bpd lower compared to April, according to Thomson Reuters’ Oil Research & Forecasts team. The monthly OPEC Oil Flows Report reviews weekly export data and forecasts monthly, as well as cumulative, annual export volumes. Thomson Reuters combines its Oil Trade Flows data with its daily Tanker Cargo Volumes to assess OPEC oil export levels.
- OPEC oil exports fell to 22.34 million bpd despite a strong push by Saudi Arabia, which increased exports to 7.72 million bpd ahead of the OPEC meeting on 5 June.
- Exports from Iraq and Nigeria also increased during the period but were offset by reduced shipments from Iran and other OPEC members.
- Thomson Reuters estimates OPEC production to have averaged 31.03 million bpd during May 2015 based on its exports and analysis of refinery throughput and direct use.
- Saudi Arabia’s crude production averaged 10.57 million bpd in May 2015, 320 000 bpd higher compared to April 2015 to accommodate higher direct burn and domestic refinery demand, according to estimates.
- West African crude grades remain under pressure due to reduced buying appetite from China and India. Increased sales out of floating storage together with a supply glut in the Atlantic basin has resulted in greater loadings volatility for West African cargoes.
- According to Thomson Reuters, output quotas are unlikely to change at OPEC’s June 2015 meeting though supply should continue to exceed official targets.
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Adapted from press release by Rosalie Starling
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