Total Opec + Crude Oil Exports Rose 730,000 b/d in September From the Previous Month

Opec + seaborn crude oil exports rose to 22.84m b/d in September from 22.11m b/d in August, up 730m b/d month-on-month but still within the upper limit of the Opec + agreement to cut output, according to data and analysis from energy consultancy Elsinhuamay.

Opec crude oil shipments rose to 18.2m b/d in September, up from 17.53m b/d in August, according to Elementi's offshore commodities statistics.

Saudi crude oil shipments rose to 6.25m b/d in September from a low of 5m b/d in June, said David Kasuras, chief analyst at Elsinhuamay Sealift Trading liquid bulk. So far this year, Saudi crude exports have been little changed from last year, at 6.25m barrels a day, according to Elshifter. Russia's crude oil exports rose to 3.59 million barrels a day in September from 3.52 million barrels a day in August due to falling domestic demand. Uae oil production exceeded quotas in August and September, with shipments also rising to 2.54 million BPD and 2.61 million BPD respectively, up from 2.1 million BPD in May and June. Venezuela and Libya, which are not bound by the Opec + agreement, also exported more crude in September than they did in August, and Libya is expected to continue increasing output and exports.

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