Including Iraq...a decline in oil exports to 5 Arab countries

Total oil exports to 5 Arab countries declined by 9%, on an annual basis, during the first 9 months of the current year 2023, according to recent data published by the Energy Research Unit.

The average total crude exports of these five Arab countries (Saudi Arabia, Iraq, Kuwait, Bahrain, and Egypt) decreased to 12 million barrels per day, during the period from January (2023) until the end of last September, compared to 13.13 million barrels per day during the same period (2022). ), according to the Joint Organizations Data Initiative (JODI) figures.

Judy's list includes Saudi Arabia, Iraq, Kuwait, Algeria, Bahrain, and Egypt, whose data showed a decline in the majority of these countries' exports, with the exception of Egypt, while data for September 2023 has not been announced for Algeria. Therefore, the Energy Research Unit did not include it in calculating total exports for the 9 months, but its exports increased in the first 8 months of (2023), on an annual basis.

It is noteworthy that Egypt is the only country among these countries that is not a member of the OPEC+ alliance, which is reducing supplies by two million barrels per day from November 2022 until the end of 2024, in addition to voluntary reductions.

Iraqi oil exports
The average Iraqi oil exports decreased to 3.45 million barrels per day, during the period from January to the end of September 2023, compared to 3.7 million barrels per day in the same period in 2022. Despite the decline in the 9-month average

; The quantities of Iraq's crude oil exports improved in the third quarter of this year, after recording their lowest level this year in the second quarter.

Last April recorded the lowest amount of Iraq's oil exports over the nine months at 3.28 million barrels per day, while February was the best at 3.73 million.

Preliminary government estimates indicate that Iraqi oil exports in October amounted to about 3.533 million barrels per day.

Saudi oil exports:
The average Saudi oil exports declined, during the period from January to the end of last September, to 6.77 million barrels per day, compared to 7.31 million barrels per day in the corresponding period of 2022. On a quarterly basis, the third quarter of the year

was Current performance is the lowest performance for Saudi Arabia’s oil exports during the aforementioned period. In August 2023, it recorded the lowest level since April 2021, at 5.58 million barrels per day, before it rose slightly in September to 5.754 million barrels per day.

January 2023 recorded the highest number of Saudi oil exports during the first 9 months of 2023, at 7.65 million barrels per day, according to the Energy Research Unit.

The decrease in Saudi Arabia’s exports comes in conjunction with the Kingdom’s implementation of a voluntary reduction in its production by 500,000 barrels per day from May 2023 until the end of 2024, as part of a decision that includes 8 other countries from the OPEC+ alliance. Including Iraq, Kuwait and Algeria.

The country is also implementing an additional voluntary reduction of one million barrels per day, starting last July and continuing until the end of next December, with a possible extension according to the market.

In addition to the voluntary cuts, Saudi Arabia is committed to implementing the reduction policy followed by the OPEC+ alliance since November 2022 by two million barrels per day, continuing until the end of 2024.

Kuwait’s oil exports
declined on average during the period from January. Until the end of last September, to 1.56 million barrels per day, compared to 1.9 million barrels per day during the corresponding period of 2022.

Last September, Kuwaiti crude exports declined for the third month in a row to 1.35 million barrels per day, compared to 1.45 million barrels per day in August, and 1.46 million barrels per day last July.

Kuwait's exports returned to a rise in June to 1.52 million barrels per day, after declining last May to 1.5 million barrels per day.

Algeria's oil exports
, in contrast, average Algerian oil exports rose marginally during the first 8 months of this year, on an annual basis, according to data published by the Energy Research Unit.

The quantity of Algeria's oil exports rose to 0.403 million barrels per day, during the period from January to the end of August 2023, compared to 0.400 million barrels per day in the corresponding period last year.

It is noteworthy that Godi's data did not mention the quantity of Algerian oil exports during the month of last September until the time of publishing this report.

After Algerian oil exports rose last July to 0.435 million barrels per day, they declined last August to 0.378 million barrels per day.

Exports of Bahrain and Egypt:
The average amount of Bahraini oil exports declined, during the period from January to the end of last September, to 0.147 million barrels per day, compared to 0.153 million barrels per day in the comparative period of 2022. While the average amount of Egypt’s oil exports increased during the period

. Which the report monitored reached 0.073 million barrels per day, compared to 0.07 million barrels per day in the comparative period of 2022.