*Crude exports from the Middle East Gulf have been falling in recent weeks, with the latest rolling four-week average of 16.41mn b/d the lowest figure since June last year, according to preliminary Kpler data (see chart 1).
Middle East Crude Oil Exports Barometer
Middle Eastern crude oil pricing structures have strengthened over the past week despite the latest Opec+ agreement to ease cuts. Crude exports from the region have dropped in recent weeks as it enters the high-demand season.
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Charts
1: Weekly Middle East* Crude Exports: Volumes Decrease Despite Opec+ Easing Production Cuts (mn b/d)
2: IFAD Murban, GME Oman Both Flip Into Contango At The Turn Of The Year, Signalling Oversupply And Incentivizing Stockbuilds ($/B)
3: Dubai Crude M1 Vs M3 Spread ($/b): Structure Weakening, But Continues To Signal Near-Term Undersupply
4: Brent Dubai EFS ($/B): Brent Strengthening Against Dubai As Opec+ Unwinds Cuts, Boosting Supply Of Middle East Crudes
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