Opec exports slump as deal starts

摘要

Opec crude liftings dropped by roughly 4mn b/d to 20.7mn b/d last month as the new Opec+ deal took efect on 1 May, Oil Movements data show. Mideast Gulf sailings fell by 3.6mn b/d to 15.3mn b/d, their lowest since Janu- ary 2014. Saudi shipments registered the biggest decline, falling by 2.7mn b/d after reaching a record of roughly 9mn b/d in April. All other Mideast Gulf produc- ers cut their exports substantially as well, especially Iraq, which seems somewhat more diligent this time around in implementing its output cuts. Oil marketer Somo reduced some of its term crude allocations to Europe in June as well, but it is unclear if these were matched by reductions for Asia-Pacifc or the Americas.