Nigeria, Venezuela Raised Oil Exports in December as Saudis Cut
Nigeria, Venezuela and Iraq raised crude oil exports in December from a month earlier while other OPEC (OPCRTOTL) members including Saudi Arabia decreased shipments, according to the Joint Organization Data Initiative.
Nigeria increased its exports by 8 percent to 2.27 million barrels a day, benefiting from higher crude oil prices. Venezuela boosted exports by 18.7 percent to 1.71 million barrels a day while Iraq increased exports by 0.5 percent to 2.15 million barrels a day, data the government submitted to the initiative and posted today on its website showed.
Saudi Arabia, the largest producer and exporter in the Organization of Petroleum Exporting Countries, reduced exports to 7.36 million barrels a day from 7.8 million barrels in November, according to JODI figures, which include condensates and exclude natural-gas liquids.
Angola cut exports by 1.7 percent to 1.6 million barrels a day in December, while Ecuador’s exports fell 5.7 percent to 299,000 barrels a day. Qatar kept its exports unchanged at 590,000 for the second month in a row, the data showed. Algeria exported 693,000 barrels of oil during December, according to the data.
Iran, OPEC’s second-largest producer, Kuwait, the United Arab Emirates, and Libya didn’t submit data for the month.
OPEC decided on Dec. 14 to increase its production ceiling to 30 million barrels a day, the first change in three years, moving the group’s target nearer to actual output as it sought to accommodate rising exports from Libya and Iraq.
To contact the reporter on this story: Wael Mahdi in Khobar, Saudi Arabia at wmahdi@bloomberg.net
To contact the editor responsible for this story: Stephen Voss at sev@bloomberg.net
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