End of year supply surge

摘要

Crude liftings from Opec member countries have surged to more than 24mn b/d after they fell sharply in November. Opec production rose by 150,000 b/d in December on a large increase in Iraqi output that offset falls in Saudi Arabia and Libya. Crude shipments from the Mideast Gulf were more than 400,000 b/d higher last month than they were in November, reflecting extra shipments of Iraq’s medium sour Basrah Light grade. Long-haul freight rates on eastbound routes from the Mideast Gulf hit a five-year high in mid-December as exports rose. But Saudi exports fell sharply in December, consultancy Oil Movements says, cutting shipments to Asia-Pacific and Atlantic basin refineries.