OPEC's Q1 2024: crude oil exports dip, oil product shipments rise

Shafaq News/ OPEC experienced a notable decline in crude oil exports during the first quarter of 2024, attributed to voluntary production cuts. However, the organization saw increased oil product shipments during the same period.

OPEC's Energy Studies Department data revealed a reduction in the average crude oil exports to 19.37 million barrels per day in Q1 2024, marking a 4.1% decrease compared to the same period in 2023 (20.19 million barrels per day).

Overall, OPEC's combined oil exports (crude and oil products) saw a 1.4% decline to 23.09 million barrels per day during Q1 2024, compared to 23.43 million barrels per day in Q1 2023.

Monthly breakdowns showed that in January 2024, OPEC's exports stood at approximately 19.17 million barrels per day, down by 2.7% from January 2023's 19.71 million barrels per day. However, February 2024 saw a 7.1% decrease to 19.47 million barrels per day compared to 20.97 million barrels per day in February 2023.

March 2024's exports dipped by 2% to 19.46 million barrels per day from 19.87 million barrels per day in March 2023.

This decrease in crude oil exports coincided with the OPEC+ alliance's policy of reducing production by 2 million barrels per day from November 2022 to the end of 2024. Additionally, several alliance countries implemented voluntary cuts, including Saudi Arabia leading a group that reduced supply by up to 2.2 million barrels per day starting January 2024, extending until the end of Q2 2024.

On the other hand, OPEC's oil production slightly rose in March 2024 to 26.604 million barrels per day compared to 26.601 million barrels per day in February 2024, marking a consecutive monthly increase, according to OPEC's April 11 report.

On the oil products front, OPEC witnessed a 15.1% rise in exports during Q1 2024, totaling about 3.72 million barrels per day, up from 3.24 million barrels per day in Q1 2023.

On a monthly basis, January exports surged 14.1%, February 16.7%, and March 14% compared to the respective months in 2023.