*There has been no sign of the tapering of Opec+ voluntary production cuts resulting in a surge of crude oil exports from the Middle East. If anything, the trajectory has been slightly down since the first quota increases took effect in April, according to Kpler data (see chart 1).
Middle East Crude Oil Exports Barometer
Middle Eastern crude oil pricing structures have weakened somewhat over the past month, but despite Opec+ agreements to ease cuts, crude exports from the region show no sign of rising significantly. Seasonal demand for oil burn is capping exports, especially with a fuel oil price rally incentivizing switching out FO for crude.
Read this article for free
Gain access to over 60-years of energy analysis and news
-
Delve into the details backed by data
-
Exclusive information from high-level officials
-
Assess future risks and opportunities
IN THIS ARTICLE
Charts
1: Weekly Middle East Crude Exports: Increased Domestic Demand Offsets Impact Of Opec+ Tapering (mn b/d)
2: IFAD Murban, GME Oman Both Flip Into Contango At The Turn Of The Year, Signalling Oversupply And Incentivizing Stockbuilds ($/b)
3: Dubai M1 VS M3 Structure Has Weakened Markedly Against Early-Year Levels ($/B)
4: Brent Dubai EFS ($/B): Brent Strengthening Against Dubai Boosts Middle East Crude Oil’s Competitiveness
REFERENCED MEES ARTICLES
RELATED ARTICLES
Get Our Headlines Weekly
Keep abreast with current events with our weekly headlines.
You’ll also be notified of our free articles & maps.
By signing up, you agree to receive promotional emails. You can unsubscribe at any time. For more information, read our privacy statement.