OPEC’s Middle East Oil Flows Shrink as Group Mulls Extended Cuts - Bloomberg:
Crude supplies from OPEC’s Middle East oil exporters, excluding Iran, fell to their lowest level since July, as the group’s ministers gathered in Vienna to decide the next steps in their pact with a band of non-OPEC countries that aims to limit supply.
Saudi Arabia, Iraq, Kuwait and the United Arab Emirates, which together account for nearly 70% of OPEC’s entire production, shipped an average of 14.79 million barrels a day of crude and condensate in November, tanker-tracking data compiled by Bloomberg show. That was a drop of 970,000 barrels a day from October and the lowest level since July.
Saudi shipments in November dropped back to the levels seen before the attacks on its oil processing facilities in September, falling month on month by 680,000 barrels a day, or 9%, to 6.63 million. Exports from the country’s Yanbu terminal on its Red Sea coast dropped by 23% to 600,000 barrels a day, indicating that the kingdom is not making any real effort to avoid using the Strait of Hormuz for its exports in the wake of the attacks.
Crude supplies from OPEC’s Middle East oil exporters, excluding Iran, fell to their lowest level since July, as the group’s ministers gathered in Vienna to decide the next steps in their pact with a band of non-OPEC countries that aims to limit supply.
Saudi Arabia, Iraq, Kuwait and the United Arab Emirates, which together account for nearly 70% of OPEC’s entire production, shipped an average of 14.79 million barrels a day of crude and condensate in November, tanker-tracking data compiled by Bloomberg show. That was a drop of 970,000 barrels a day from October and the lowest level since July.
Saudi shipments in November dropped back to the levels seen before the attacks on its oil processing facilities in September, falling month on month by 680,000 barrels a day, or 9%, to 6.63 million. Exports from the country’s Yanbu terminal on its Red Sea coast dropped by 23% to 600,000 barrels a day, indicating that the kingdom is not making any real effort to avoid using the Strait of Hormuz for its exports in the wake of the attacks.
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