April preliminary data for OPEC countries shows that the cartel’s combined exports might decrease compared to March values and be for the first time below October levels when OPEC members started boosting exports.
- Iran, Libya and Nigeria did not manage to boost exports in the last few months. Preliminary data shows that Iran April exports could reach a 10-month record low.
- After reaching 660 kbd in December, Libyan exports have decreased consistently and might finish the month below 500 kbd.
EIA published one of the highest US import numbers for week-ending 04/21. Our data showed that a significant increase of imports coming from Arab Gulf were in part at the origin of such numbers. Crude from 9 different VLCCs reached US ports during that week.
The picture below shows all the ULCCs and VLCCs heading towards US Gulf Coast on April 27th. In the orange box, 9 ULCCs and VLCCs that indicated ETA between May 10th and May 15th. If we take into consideration the time needed to transfer their volumes via ship-to-ship operations, this could result in a situation similar to what happened week-ending 04/21 in week-ending May 19.