OPEC January Exports – Basrah Record high
OPEC exported 26.1 million barrels per day of crude oil and condensates in January, decreasing by 67 kbd m/m.
- Iranian seaborne oil shipments struggled in January, finishing at 2,270 kbd, down 240 kbd m/m. This decline take place despite the full resumption of South Pars crude and condensate flows, which totaled 442 kbd on the month, up 66 kbd m/m.
- Iraqi oil shipments from Basrah hit a monthly record high of 3,708 kbd, 113 kbd above December 2017 levels. Flows towards India were particularly strong, up 474 kbd y/y to finish the month at 1,122 kbd. It is likely shipments leaving Iraq will continue to show strength in February due to continuing domestic refinery maintenance and the commencement of an oil-swap agreement with Iran that will see 60,000 bpd of Iranian oil delivered to southern Iraq.
- Saudi Arabia remained steady for a second consecutive month, only falling by 55 kbd versus last month at 6995 kbd. Exports shipped to China were particularly robust, up 133 kbd m/m for a total of 1,109 kbd in January.
- Nigerian crude and condensate export flows ended the month of January at 1,927 kbd, up a slight 54 kbd m/m and a much larger 228 kbd y/y. January carries forward an upward trend in Nigerian seaborne exports in place since October.
- Venezuela surprised to the upside in January ending the month with a total 1,450 kbd shipped abroad, up 238 kbd m/m. Still, Venezuela is far from fixed as the nation continues to struggle with governmental liquidity problems, hyperinflation and a continued decline in the already decrepit state of PDVSA refining and production infrastructure.
- Angola hits its lowest export level in more than 2 years at 1,492 kbd, down 172 kbd m/m. Flows toward China decreased by more than 40% month-to-month, reaching 708 kbf in January.