OPEC+: where is the tighening?
The truth is in exports:
- OPEC 10 exports 118kbpd more crude, condensate & petroleum products in Nov vs Jan 2023;
- OPEC 14 exports 714kbpd more in Nov vs Jan;
- Non-OPEC+ members exports 432kbpd less in Nov vs Jan but only bc Russian diesel has been held back for its local market temporarily;
- OPEC+ exports 284kbpd more in Nov vs Jan;
There is no tighening despite KSA's voluntary production cut of 1,513kbpd (but only a 281kbpd export cut Nov vs Jan). What would you do in KSA's shoes?
- OPEC 10 exports 118kbpd more crude, condensate & petroleum products in Nov vs Jan 2023;
- OPEC 14 exports 714kbpd more in Nov vs Jan;
- Non-OPEC+ members exports 432kbpd less in Nov vs Jan but only bc Russian diesel has been held back for its local market temporarily;
- OPEC+ exports 284kbpd more in Nov vs Jan;
There is no tighening despite KSA's voluntary production cut of 1,513kbpd (but only a 281kbpd export cut Nov vs Jan). What would you do in KSA's shoes?
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