OPEC oil exports fall 340,000 bpd in H1 Nov – Lloyds

LONDON (Reuters) – OPEC seaborne oil exports, excluding Angola, fell 340,000 barrels per day (bpd) in the first half of November versus the last two weeks of October, crude oil loading data released by Lloyd’s Marine Intelligence Unit (LMIU) showed on Monday.

The London-based consultancy said oil shipments from 11 OPEC members, including Iraq, averaged 22.48 million bpd on a moving average basis to Nov. 11, down from 22.82 million bpd for 15-28 October loading.


LMIU said the fall in the period corresponded with low and softening crude oil freight rates from key OPEC suppliers in the Middle East and West Africa.

Some analysts have explained the apparent lack of upward lift in OPEC seaborne supply in November by pointing to the outage of major oilfields in the United Arab Emirates.

They say that has offset the extra 500,000 bpd pledged to consumers by OPEC from Nov. 1.

Lloyd’s, which counts seaborne exports and not OPEC production, says it is confident it tracks shipments covering more than 90 percent of the world’s tanker fleet, including spot, term charters and exports carried by state-owned fleets.

LMIU says it strives to monitor only crude oil shipments and not condensates and feedstocks as well.

Reuters