Opec-Plus: Year-End Cut Reduces Shortfall Discrepancy

Copyright © 2023 Energy Intelligence Group All rights reserved. Unauthorized access or electronic forwarding, even for internal use, is prohibited.
Geopolitics: Opec's Fraying Cohesion

  • Opec-plus’ output among the 19 members with a voluntary quota declined 300,000 b/d in November to 38.13 million b/d.

  • Significant production gains by Angola and Kazakhstan prevented an even larger monthly decrease.

  • Alliance output was 2 million b/d short of target for the month, a notable improvement on the 3 million+ b/d shortfall seen in the past half-year.

November crude production by the 19 Opec-plus members with a quota was just 300,000 barrels per day lower than October — not the 2 million b/d controversial cut that took effect in November and will continue this month and into 2023. And the decline was also not the market interpretation of a 1 million b/d cut in physical barrels and a 1 million b/d in an “accounting” correction.

Crude Oil, Oil Supply, Opec-Plus Supply
Wanda Ad #2 (article footer)
While market conditions have improved for West African fare in particular, the uptick has been slower than expected.
Thu, Feb 2, 2023
Russia's January crude oil exports soared by nearly 14% versus December, surpassing the levels seen before the start of the war in Ukraine.
Thu, Feb 2, 2023
Despite recent developments in global crude flows and domestic differentials, the rationale for building the Seaport Oil Terminal (SPOT) near Houston is still valid, according to Enterprise.
Wed, Feb 1, 2023