The results of the agreement to reduce production within the "OPEC Plus" alliance were reflected in the numbers of major oil exporters during last May, at a time when the global market is witnessing a decline in demand for energy sources, with the economies still being affected by the effects of Corona.
As of last May, the coalition began implementing an agreement that, in its first stage, would reduce production by 9.7 million barrels per day until the end of June 2020, which was extended until the end of July.
While the second stage begins, it will reduce production cuts to 7.7 million barrels per day until the end of 2020, and then to 5.8 million barrels per day until the end of April 2022.
Under pressure from declining demand and oversupply during the pandemic, oil prices tumbled to their lowest in 20 years at less than $ 16 a barrel in Brent in April, creating a wake-up call for a new production cut deal.
Yesterday, Thursday, the Joint Energy Data Initiative (JODI) published data on crude oil exports around the world, which showed a decline in production and export to major oil countries around the world.
Saudi Arabia .. the lowest level
Saudi oil exports fell to 6.02 million barrels per day last May, the lowest monthly level in 10 years, specifically in October 2010, according to the Judy report.
Saudi crude exports - the world's largest oil exporter - fell by 41.2% last May, down from 10.237 million bpd in April.
The production of Saudi Arabia, the largest producer of OPEC, fell by about 30% in May, to reach 8.49 million barrels per day, the lowest level since December 2010.
Russia .. production fell
Russia did not provide data for its oil exports last May for the joint initiative "Judy", but its official production figures in the first months of implementing the agreement fell by 2.5 million barrels per day to 8.59 million barrels per day.
Russia is - the second largest producer of crude oil in the world after the United States and its second largest exporter after Saudi Arabia - as the volume of its oil exports last April reached 5.34 million barrels per day.
Iraq .. declining exports
Iraq’s oil exports - the third largest global exporter - declined last May, by 220,000 bpd, to 3 million and 633,000 bpd, down from 3 million and 853,000 bpd in April.
And Iraq is the second largest producer of crude oil in OPEC, after Saudi Arabia, with a daily production of 4.6 million barrels per day in natural conditions, but it fell to about 4 million barrels per day last May.
Canada and America
Canada and the United States are the fourth and fifth largest oil exporters around the world, but they are not members of the OPEC.
During May, Canada's exports fell slightly to 3 million and 198 thousand barrels per day, compared to 3 million and 276 thousand barrels in the previous month.
Canada's production in May was 3 million and 366 thousand barrels per day, down from 3 million and 454 thousand barrels in April.
As for the United States of America, its exports reached 3.11 million barrels per day in May, up from 3.07 million barrels per day in April, while its production declined to 11 million and 394 thousand barrels per day in May, compared to 12.06 million barrels in April.