OPEC exports – May
Last week, Kpler announced OPEC preliminary exports between 24.3 mmbpd and 24.7 mmbpd. Final figures reveal that OPEC exports finished the month of May at 24.7 mmbpd. This was an increase compared to the month of April, which registered the lowest level of crude exportation since November. However, exports continued to remain below levels seen in October and March. All of this was despite rising exports in Nigeria and Libya alongside partial export recovery in Iran.
- Libya: NOC announced that Libyan production passed from 550 kbd in April to 827 kbd (+277 kbd) in May following El Sharara and El Feel field resuming operations. This had an immediate impact on exports which increased from 460 kbd to 625 kbd (+165 kbd). NOC declared earlier this year that the country expected production to reach 1.1 mmbpd by the month of August.
- Nigeria: Forcados resumed operations and supplied 3 million barrels in May. Two Suezmax and one Aframax already signaled Forcados as a loading point in June.
Russian exports – May
Russian exports decreased for the first time since the production-cut agreement. High compliance rates announced by Russian authorities had not been reflected in exports totals over the last few months which continued to rise through the month of April attaining a record 5,231 kbd. Kpler data shows that May exports dropped by 380 kbd, bringing exports down to 4,851 kbd which remains 135 kbd above November 2016 levels.