Seaborne crude oil exports by OPEC+ countries rose from 22.11 million bpd in August to more than 22.84 million bpd in September, tanker tracking data showed, still below the group’s agreed ceiling. OPEC producers shipped out 18.2 million bpd of crude last month, increasing from 17.53 million bpd in the previous month.
According to the data, Saudi Arabian exports recovered to 6.25 million bpd in September, from their lowest level in June. In January-September, the kingdom exported an average of 6.25 million bpd, relatively steady from a year earlier. Nearly a quarter of Saudi crude exports went to China, while exports to other markets such as Japan fell year-on-year. China imported 1.48 million bpd of Saudi crude during the first nine months of 2020, increasing 19% year-on-year. Meanwhile, Japan’s imports of Saudi oil dropped 18% year-on-year.
Crude oil exports from Iraq rose marginally to 3.1 million bpd in September. OPEC’s second-biggest producer had been a regular laggard in previous months, but it improved its compliance to the alliance’s coordinated supply curbs by cutting domestic production to quota levels.
Crude oil exports from West African producers such as Nigeria and Angola also increased slightly but remained below the quota. In North Africa, Libyan output returned after conflicting parties in the country agreed to lift the months-long blockade on oil infrastructure. The country’s National Oil Co. (NOC) plans to increase production from 100,000 bpd to 260,000 bpd this week, with analysts expecting output to increase even further in October.
Russia, the largest non-OPEC ally, exported 3.59 million bpd of oil in September, rising modestly from 3.52 million bpd in August. Seaborn exports from Russia fell 14% year-on-year during the first nine months of 2020. Meanwhile, exports from non-ally producers such as the US, Brazil, and Norway, unexpectedly fell sharply due to some factors such as hurricanes, FPSO maintenance, and voluntary cuts. The combined shipments from the three countries dropped from 5.45 million bpd in August to 4.88 million bpd in September, the lowest so far this year.
