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Surging Americas’ Exports Pose Challenge for OPEC+

OIL

A surge in exports from the Americas, primarily from the USGC, helped drive up global oil shipments in Feb – posing a challenge for OPEC+’s efforts to cap global supply.

  • Observed US and Canadian crude exports climbed to 4.5m b/d, one of the highest levels on record, according to Bloomberg.
  • Without the region’s rise of 664k b/d, global flows would have softened.
  • Exports from Mexico were also up by 100k b/d to 1.076m b/d, while Guyana’s exports rose by 40k b/d to 621k b/d. Brazil’s exports were up 31k b/d to 1.679m b/d, while Colombia’s exports ticked up by 31k b/d to 451k b/d.
  • OPEC+ announced an extension of its voluntary output cuts into Q2. However, with headline prices still around $80/b, producers are still boosting flows.
Energy BulletsCanada Bank of Canada Market NewsCommodities
Energy BulletsCanada Bank of Canada Market NewsCommodities

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