The Middle East saw record crude output and exports in 2016. The region’s six Opec members produced a collective record 24.6mn b/d (MEES, 6 January).
Iraq’s southern exports hit a record 3.29mn b/d up 400,000 b/d on 2015; Iran’s exports of 1.96mn b/d (to November) were the highest since 2011 and almost 800,000 b/d higher than year-ago levels. Saudi crude exports for the first eleven months of 2016 were up by a more modest 200,000 b/d on a year earlier, but at 7.61mn b/d they are still on course to edge past 2013’s record 7.54mn (see p7). (CONTINUED - 1427 WORDS)