Preliminary data for crude/condensate exports from Saudi Arabia for the month of July (days 1-15) show a decline of 0.6mbd vs June according to Vortexa.
- Exports from other OPEC member countries like Kuwait, Nigeria and Algeria are also down by another 0.6mbd vs June.
- Exports out of UAE and Iraq increased by 0.5mbd over the same period – largely offsetting Saudi reductions.
- Cuts by Saudi are driving increases in the sour crude market and tightening the diff to sweet crudes.
- See chart for OPEC crude/condensates export by origin country.
source: Vortexa