January 2017 ended with signals of a high compliance rate from OPEC and non-OPEC countries that reached an agreement in November 2016. Kpler reported a combined reduction of 2.4 mmbpd in January exports compared with December levels for OPEC, Oman and Russia. February numbers show that exports increased by 1.6 mmbpd compared with January for the same countries attaining 30.6 mmbpd. However, these numbers remain below December levels when these countries exported 31.4 mmbpd, according to our data.
- Venezuela reported the most significant increase in exports (+482 kbd vs Jan) which mainly came from their biggest export terminal, Jose in the state of Anzoategui. The increase of exports cleared mainly to Asia (+393 kbd vs Jan):
- Nigeria and Libya which were expected to continue increasing exports in Feb remained flat.
- Angola, Ecuador and Algeria increased their exports by 360, 92 and 24 kbd, respectively.
- Combined export volumes of Middle-East OPEC countries increased by +0.2 mmbpd in Feb vs Jan whereas non-Middle-East OPEC countries exports increased by +0.9 mmbpd during the same period.