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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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    New statistics: 5 Arab countries, including Iraq, had their oil exports decline in 2023

    Rocky
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    New statistics: 5 Arab countries, including Iraq, had their oil exports decline in 2023 Empty New statistics: 5 Arab countries, including Iraq, had their oil exports decline in 2023

    Post by Rocky Thu 22 Feb 2024, 4:30 am

    [size=35][size=35]New statistics: 5 Arab countries, including Iraq, had their oil exports decline in 2023[/size]
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    Economy

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    02-22-2024 | 02:19
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    Alsumaria News - Economy

    Recent data on oil exports for 6 Arab countries during the past year (2023) showed a decline in the average supplies of 5 of them to the global market, which coincides with the production reduction policy followed by the OPEC+ alliance, in addition to voluntary cuts from some members.


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    According to data published by the Energy Research Unit , the average crude oil exports of 6 Arab countries, including (Saudi Arabia, Iraq, Kuwait, Algeria, Bahrain, and Egypt) reached about 12.29 million barrels per day during 2023, compared to 13.56 million barrels per day in 2022.



    It is noteworthy that these countries are members of the OPEC+ alliance, with the exception of Egypt, and especially Saudi Arabia, Algeria, Iraq and Kuwait. They were among the countries that announced a voluntary reduction on their part during the past year, in addition to the production reduction policy binding on members of the alliance.

    *Saudi Arabia’s oil exports in 2023:
    Saudi Arabia’s average exports of crude oil declined during 2023 to 6.65 million barrels per day, compared to 7.36 million barrels per day in 2022, according to figures from the Joint Organizations Data Initiative (JODI).

    In the first quarter of last year, the average amount of oil that Saudi Arabia exported to the global market increased to 7.54 million barrels per day, compared to 7.17 million in the corresponding quarter of 2022. The

    average Saudi oil exports declined during the second quarter to 7.01 million barrels per day, compared to 7.2 million barrels per day. In the corresponding period of 2022.

    The Kingdom’s average oil exports continued to decline during the third quarter, to be the lowest during the past year at 5.78 million barrels per day, compared to 7.56 million barrels per day in the comparative quarter of 2022.

    On a quarterly basis, the country’s average oil exports returned to the rise. During the last quarter of 2023, it reached 6.3 million barrels per day, but it is considered low when compared to the same quarter of 2022, in which the average reached 7.49 million.

    Last August, Saudi Arabia’s oil exports recorded their lowest level since April 2021 at 5.58 million barrels per day, according to data published by the Energy Research Unit.

    It is noteworthy that since May 2023, Saudi Arabia has been implementing a voluntary reduction in its oil production amounting to 500 thousand barrels per day, extending until the end of December 2024, in addition to another voluntary reduction of one million barrels per day since last July, and continuing until the end of the first quarter of the year. 2024.


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    *Iraqi oil exports in 2023
    The average Iraqi oil exports decreased during the past year to 3.46 million barrels per day, compared to 3.7 million barrels per day in 2022. The

    average Iraqi crude exports decreased during the first quarter of last year at a marginal pace to 3.63 million barrels per day, compared to 3.64 million in the comparative quarter of 2022.

    In the second quarter, average Iraqi oil exports continued to decline to 3.3 million barrels per day, compared to 3.76 million barrels per day in the same quarter of 2022.

    On a quarterly basis, Iraq’s average crude exports increased during the third quarter to 3.43 million barrels per day, but it is low when compared to the corresponding quarter of 2022, which amounted to 3.69 million barrels per day.

    In the last quarter of 2023, the average Iraqi crude exports reached 3.48 million barrels per day, while it is considered a decline when compared to the corresponding quarter of 2022, which amounts to 3.72 million barrels per day.

    In April of last year, Iraqi oil exports fell to the lowest level since January 2021, at 3.28 million barrels per day.

    Iraq is implementing a voluntary reduction in oil production of 211,000 barrels per day from May 2023 until the end of this year, in addition to another voluntary reduction of 220,000 barrels per day during the first quarter of 2024.



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    Kuwait's oil exports in 2023
    The average Kuwaiti oil exports declined over the past year to 1.56 million barrels per day, compared to 1.87 million barrels per day in 2022.

    Kuwait's average crude exports decreased in the first quarter of 2023 to 1.66 million barrels per day, compared to 1.9 million barrels. daily in the corresponding quarter of 2022.

    Average Kuwaiti crude exports continued to decline in the second quarter of last year to 1.60 million barrels per day, compared to 1.86 million in the comparative quarter of the previous year.

    In the third quarter, average Kuwaiti oil exports fell to 1.42 million barrels per day, the lowest during 2023, compared to 1.95 million barrels per day in 2022.

    On a quarterly basis, Kuwait’s average oil exports increased to 1.56 million barrels per day, but they are low when compared to the quarter. The same from 2022, amounting to 1.79 million barrels per day.

    Kuwaiti oil exports recorded their lowest monthly level over the past year in September 2023, at 1.35 million barrels per day.


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    Algeria's oil exports
    The average Algerian oil exports fell during the past year to 0.403 million barrels per day, compared to 0.408 million barrels per day in 2022.

    In the first quarter of last year, Algeria's average oil exports rose to 0.416 million barrels per day, compared to 0.392 million barrels. per day in the corresponding quarter of 2022.

    The average Algerian oil exports declined in the second quarter on a quarterly and annual basis to 0.387 million barrels per day, to be the lowest in 2023, compared to 0.414 million in the corresponding period of 2022. The

    country’s average crude exports returned to an increase in the third quarter of 2023 on an annual and quarterly basis to 0.403 million barrels per day, compared to 0.370 million barrels per day in the comparative quarter of 2022.

    On an annual basis, average exports declined in the last quarter of last year to 0.405 million barrels per day, compared to 0.455 million barrels per day in the comparative quarter of 2023. 2022.

    In June 2023, Algeria's oil exports fell to the lowest level since November 2021, at 0.319 million barrels per day.

    Algeria has been implementing a voluntary reduction in oil production announced since May 2023 by 48 thousand barrels per day, before extending it until the end of 2024, in addition to a new voluntary reduction of 51 thousand barrels per day, starting last January until the end of March 2024.


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    Bahrain's oil exports
    The average Bahraini oil exports declined over the past year to 0.148 million barrels per day, compared to 0.152 million barrels per day in 2022.

    In the first quarter, the average Bahraini oil exports declined to 0.131 million barrels per day, to be the lowest in 2023, compared to 0.145 million. barrels per day in the comparative quarter of 2022.

    The country’s average crude exports in the second quarter rose on an annual and quarterly basis to 0.159 million barrels per day, compared to 0.148 million barrels per day in the corresponding period of the previous year.

    Average exports declined in the third quarter of last year to 0.151 million barrels per day, compared to 0.165 million barrels per day in the same quarter of 2022.

    As for average Bahraini oil exports, they increased again slightly in the last quarter of 2023 to 0.153 million barrels per day. compared to 0.148 million barrels per day in the corresponding quarter of 2022.

    In June and October of last year, Bahraini oil exports recorded the highest level at 0.166 million barrels per day, and in January they recorded the lowest level at 0.099 million barrels per day. .


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    Egypt's oil exports:
    The situation in Egypt was the opposite of the trend in previous countries, as the country's average oil exports rose during the past year to 0.075 million barrels per day, compared to 0.071 million barrels per day in 2022.

    Egypt's average oil exports declined during the first quarter to 0.057 million. barrels per day, to be the lowest during the past year, compared to 0.085 million in the corresponding quarter of 2022.

    On a quarterly basis, the country’s average crude exports increased in the second quarter to 0.68 million barrels per day, but it is considered low when compared to the same quarter of 2022, in which it reached 0.77 million barrels per day.

    In the third quarter, the average Egyptian oil exports jumped on a quarterly and annual basis to 0.095 million barrels per day, to be the highest during 2023, compared to 0.049 million barrels per day in the comparative period of 2022.

    On a quarterly basis, Egypt’s average oil exports declined in the last quarter of the year. The past reached 0.81 million barrels per day, while it is considered high when compared to the corresponding quarter of 2022, which recorded 0.74 million barrels per day.

    Last August, Egypt's exports recorded their highest level during the year at 0.141 million barrels per day, while the following month in September recorded their lowest level during the year at 0.05 million barrels per day.


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    Source: Energy Research Unit 
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