The market has erased all price gains that had followed the OPEC+ decision to cut supply last month – although it has only started to get implemented this month. The group’s export trends have not helped support prices in April, as their total level remained stable near 28 Mbd when excluding Iran and Venezuela. Higher exports from Saudi Arabia and Russia offset declines from Nigeria, Iraq and Kazakhstan, while the group’s crude inventories remained stable at 259 Mbbls.
February marks the group’s highest combined level of oil exports in a year. OPEC+ oil exports jumped by 612 kbd m/m in February to 28.1 Mbd (excluding Iran and Venezuela) despite a large decline of 375 kbd from the group’s non-OPEC countries. On the other side, OPEC members increased shipped volumes by 826 kbd, driven by a major uptick from Iraq (+390 kbd m/m), Saudi Arabia (+250 kbd), Nigeria (+137 kbd) and Libya (+135 kbd).