OPEC Exports

Production cuts agreed last November were supposed to become effective in January 2017. The cuts will be evaluated in a 6-month average basis. Even if the agreement does not concern exports, these figures provide valuable signs on the compliance rate.

  • Crude oil loadings decreased or remained flat for almost all countries except for Nigeria and Ecuador which slightly increased.
  • Libya was exempted from production cuts. However exports dropped despite Es SIder terminal resuming operations in December.
  • Iran loadings dropped by 531 kbd in January. In the meanwhile, many vessels that had been waiting as floating storage were shipped to Asia.

US exports:

 

CPC
CPC loadings remained high in January 2017 at 1.1 million barrels per day. No shipments to Asia were identified but 6 Afras and 1 Suez did not signaled a final destination yet