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OIL
OPEC+ appears to be making a slow start to its new output cuts, according to Kpler.
- Exports this month appear to be largely unchanged on December, even though they should be down around 0.9m b/d.
- “All in all, the new OPEC+ production quotas are having a minimal impact on actual crude that’s in the markets,” said Viktor Katona, Kpler’s head crude analyst.
- Exports from seven OPEC+ members involved in cuts have averaged 15.4m b/din Jan to date, with total OPEC+ shipments at 28.1m b/d, stable on the month.
- Kuwait and Oman cut exports significantly in January, yet Russia, Kazakhstan and Iraq made only modest reductions, Kpler said.
- Actual production figures may change the picture when announced later this week.
Source: Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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