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OPEC Loading Drop Suggests Production Cuts Forming: Petro Logistics

OIL

Crude oil exports by OPEC have fallen significantly so far this month according to Petro-Logistics which they said is suggesting OPEC cuts are being delivered.

  • "OPEC exports are significantly lower in the first half of the month, but timing issues meant that the first few days of November were abnormally low," Daniel Gerber, Petro-Logistics' chief executive said.
  • "We expect a slight recovery as we go through the month but volumes look like they're going to be materially down from October's highs." he said.
  • "I would expect OPEC exports to be down by as much as 1 million barrels per day in November, which suggests that the OPEC+ cuts are being implemented as promised," he added.
  • OPEC+ decided to cut output by 2 million barrels per day, about 2% of world output, from November though the actual impact is much less because the group had consistently fallen short of prior production targets.

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