Crude supplies from top-11 exporters at four month high in February
In February, US crude exports climbed to a record-high, pushing crude supplies from top-11 exporters to 30.7mbd, the highest level observed since October. This is 360kbd above the 2023 average, suggesting there is ample crude supply globally despite the Red Sea diversions.
15 March, 2024
Key observations among top-11 exporters:
- US crude exports were assessed at 4.5mbd in February, a 650kbd increase m-o-m. This increase was supported by higher demand from Europe as demand for Middle Eastern crude declined due to Red Sea diversions slowing barrels arriving in Europe
- Iran’s crude exports increased m-o-m by 150kbd in February, assessed at 1.55mbd. This increase is supported by higher demand for discounted Iranian barrels from China.
- Angola’s crude exports increased by 150kbd m-o-m to 1.1mbd, replacing the 100kbd (m-o-m) lost by Nigeria in February.
- The combined crude exports from Saudi Arabia, UAE, Iraq and Kuwait totalled 13.5mbd in February, a 200kbd decline m-o-m. All four countries saw m-o-m declines, with Kuwait accounting for the largest m-o-m decline of 100kbd.
- Russian crude exports declined by only 60kbd m-o-m in February, sitting very near the 5mbd mark they reached in January and is still 100kbd above the 2023 average.
