OPEC’s Crude Oil Exports Dipped in Q1 2024

SEATTLE (Oil Monster): The Organization of Petroleum Exporting Countries (OPEC) reported notable decline in crude oil exports during the initial quarter of the current year, mainly on account of voluntary production cuts. However, the oil product shipments witnessed improvement.

In accordance with data published by the OPEC’s Energy Studies Department, the crude oil exports by its members averaged at 19.37 million barrels per day in Q1 2024, down by 4.1% from the exports which had averaged at 20.19 million barrels per day in the corresponding quarter of 2023. Meantime, the combined oil exports, including crude and oil products, were down by 1.4% to 23.09 million barrels per day during Q1 2024.

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The oil production by OPEC countries registered marginal jump to 26.604 million barrels per day in March this year, compared with 26.601 million barrels per day in February 2024. It must be noted that OPEC countries had earlier committed to reduce production by 2 million barrels per day until end-2024.

Month-wise, January exports by OPEC stood at around 19.17 million barrels per day. Meantime, the OPEC countries reported average exports of 19.47 million barrels per day and 19.46 million barrels per day in February and March respectively.

The oil products exports rose 15.1% during Q1 this year to total around 3.72 million barrels per day.