OPEC’s Middle East Oil Flows Rise Despite Deeper Production Cuts
- January shipments gain even after December’s output accord
- Flows to China hit seven-month low, while India shipments soar
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Crude supplies from OPEC’s Middle East oil exporters, excluding Iran, edged up in January, the first month in which deeper output cuts agreed for the first quarter of 2020 should have seen smaller flows.
Saudi Arabia, Iraq, Kuwait and the United Arab Emirates, which together account for about 70% of OPEC’s entire production, shipped an average of 15.35 million barrels a day of crude and condensate in January, tanker-tracking data compiled by Bloomberg show. That was an increase of 64,000 barrels a day from December.