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Surging Americas Crude Exports Denting OPEC+ Reductions

OIL

Strong crude exports from the Americas are helping to cool the oil markets in spite of evident OPEC+ export cuts according to Vortexa.

  • Strong exports from the US (currently affected by bad weather in the Gulf), Brazil, Guyana and a couple of other players may allow the American continents to surpass 8mbd in crude exports for the second time in a row - setting new records.
  • American crude is again reaching Asian shores at a rate of 3.5mbd, up by a full 1mbd from the Q2/Q3 average and marking the highest in 20 months. It is competing with OPEC+ barrels in the world’s biggest refining market.
  • Marked reductions in crude exports over November 1-20 from most OPEC+ countries (with the notable exception of Russia) have so far failed to support oil pricing.

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