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Friday, October 19, 2018


OPEC produced 27.5 mbd in February 2001, down 1.02 mbd from January

According to Platts 13 March 2001, OPEC has cut its collective output by 1.28 mbd while Iraqi output increased by 0.26 mbd. OPEC's eleven members produced a total 27.5 mbd of crude in February, down 1.02 mbd from January's 28.52 mbd according to OPEC and oil industry officials surveyed by Platts, the energy market information division of The McGraw-Hill Companies.

Excluding Iraq, which does not participate in OPEC output accords, the ten members that set a new output ceiling of 25.2 mbd reduced their collective output by 1.28 mbd, to average 25.48 mbd in February, 0.28 mbd above the agreed level. Iraqi output increased further in February to 2.02 mbd, up 0.26 mbd from January's 1.76 mbd, but still below levels of close to 3 mbd late last year before Baghdad suspended exports due to a crude pricing dispute with the UN, among other issues.

All OPEC members except for Indonesia reduced production in February. Saudi Arabia accounted for the biggest single output cut, totalling 0.47 mbd, followed by Venezuela, which shaved its production by 0.15 mbd. Iran cut production by 0.12 mbd and the UAE reduced by 0.11 mbd. Other countries cut production between 0.04 mbd and 0.08 mbd.

Americas take 91% of Venezuelan oil exports 

The Americas take 91% of Venezuelan oil exports according to PDVSA. The US and Canada receive 1.5 mbd whilst the Caribbean, South and Central America receive over 1 mbd.  For US oil imports by source since 1975, please click here

Revamped Iraqi terminal soon to export oil

Iraq's Khor al-Amya terminal in the northern Gulf will be ready to export oil soon under the United Nations oil-for-food program, Faez Abdullah, undersecretary of the Iraqi Oil Ministry, said on Tuesday 13 March 2001.

The oil terminal, totally damaged during the 1991 Gulf War, has been repaired and rehabilitated and will be soon ready to receive oil tankers. The oil terminal has an expected loading capacity of 0.7 mbd.

Iraq currently uses the Gulf terminal of Mina al-Bakr, west of Khor al-Amya, and a pipeline running from northern fields to the Mediterranean via Ceyhan, Turkey for oil export.

U.S. crude oil inventory gain

American Petroleum Institute (API) data showed that U.S. oil inventories rose 9.509 million barrels last week (week 10 2001), more than triple expectations. U.S. oil imports exceeded 9.0 mbd in week 10. At the same time, crude input to refineries was lower, adding to the stock build. According to trade sources, the huge jump in crude stocks can be attributed to the bulk of crude shipments that had been delayed by fog finally arriving at U.S. Gulf refineries or storage facilities.

High oil prices and a weaker world economy continue to slow growth in oil demand (IEA)

According to the IEA March 2001 monthly oil market report, world oil products demand for 2000 has been revised downwards by 0.1 mbd and the 2001 growth estimate has been reduced by 0.11 mbd to 1.41 mbd. IEA further reports that so far this winter’s oil stock draw has been lower than average. World oil production fell by 0.7 mbd to 77.25 mbd in February mainly due to lower OPEC supply.

West African oil increasingly traded eastwards

According to the IEA March 2001 monthly oil market report, OECD trade data confirm that increasing volumes of sweet African crude oil are being bid away from Europe and North America by Far East refiners coping with tightening product quality standards.

VLCC freight rates remain flat, Aframax rates stronger

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