Leading tanker tracker Petro-Logistics confirms OPEC’s sharp decline in fresh oil exports.
The Swiss-based firm’s chief executive, Daniel Gerber, predicts that supplies will fall by at least a million barrels a day this month, indicating that the OPEC+ decision is being implemented in full.
“OPEC exports fell significantly in the first half of the month, but timing issues led to the first few days of November being abnormally low,” said Daniel Gerber. We expect a slight recovery during the month, but volumes appear to be well below October’s highs.”
At the same time, given that the daily share of the Organization of the Petroleum Exporting Countries is 1.27 million barrels, the decrease in export volume by one million demonstrates the fact that the lion’s share of the agreed reduction affects world supplies.
Petro-Logistics analyzes the level of oil exports by OPEC states and other producers in the international trading arena by monitoring tankers due to the lack of timely data from producers.
For several months, OPEC+ has been increasing oil production in order to cancel the cuts made during the COVID period, but already in October they again resorted to reducing production.
The OPEC + alliance, which includes the largest oil producers – Saudi Arabia and the Russian Federation, in the context of the approaching recession of the global economy, decided to reduce oil production quotas by 2 million daily barrels. Experts expect that this step will keep the price of oil at $90 per barrel.
OPEC+ is a community of countries that are not members of the Organization of Petroleum Exporting States, but they resort to cooperation with OPEC and among themselves in certain issues of oil production and energy exports.
An agreement to limit oil production between OPEC and non-CARtel countries was signed in 2016 amid a sharp collapse in global energy prices. The press called its participants the “OPEC + alliance”.
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