Europe, Middle East & Africa
- While OPEC and non-OPEC countries met at Istanbul this week in order to try putting an end to 2-year oil glut, the cartel’s exports rose again in September. Our data show that 4 countries account for more than 600 kbd growth in exports since June-16.
- Before Istanbul talks, Vladimir Putin expressed that Russia supported a freeze or cut in output and that his country was ready to cooperate with OPEC if a deal was reached. Below, we can see that Russia boosted exports in 2016 Q3 adding roughly 400 kbd to supply.
Russian exports (kbd) – Kpler data
*RPK-1, RPK-3: Varanday export terminals
- Vessels waiting to load at Al-Basrah terminal passed from 18 two weeks ago to 13 this week attaining 2016 lows.
Al-Basrah waiting queue
- Global long term (>10 days) floating storage slightly grew in a week-to-week basis: