OPEC’s Persian Gulf exporters shipped more oil last month than at any time since May, when their current round of output restraint came into effect. The move came before a slight easing of output curbs in January and talks to decide whether to change production targets in February.
Combined shipments of crude and condensate -- a light form of oil extracted from gas fields -- from Saudi Arabia, Iraq, the United Arab Emirates and Kuwait were more than 700,000 barrels a day higher in December than in November. Increased shipments from Saudi Arabia, Kuwait and Iraq more than offset a drop in flows from the UAE, vessel tracking data monitored by Bloomberg show.
The four Persian Gulf nations shipped a total of 14.01 million barrels a day of crude and condensate last month. With 11 million barrels, equivalent to about 360,000 barrels a day, on ships yet to signal a final destination, the volumes delivered to individual countries could rise significantly.
The biggest increase came from Saudi Arabia, where shipments rose to their highest level since April, when the kingdom engaged in a production surge in response to the breakdown of the previous OPEC+ accord.
No comments:
Post a Comment