Power BI Desktop

OPEC Crude Oil Report

January 2023

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 Power BI Desktop
OPEC Report January 2023
OPEC Exports An LSEG Business
• January seaborne exports of crude oil from OPEC were assessed OPEC Monthly Exports (mnbpd)
at 19.82 million bpd, a m-o-m decrease of 0.75 million bpd and a y-
o-y increase of 0.43 million bpd. OPEC Country 2022-01 2022-02 2022-03 2022-04 2022-05 2022-06 2022-07 2022-08 2022-09 2022-10 2022-11 2022-12 2023-01
                         

Algeria 0.39 0.38 0.42 0.32 0.41 0.45 0.31 0.42 0.27 0.38 0.28 0.38 0.35
• Saudi Arabian crude exports decreased to 6.92 million bpd, a m-o-
Angola 0.87 1.23 1.09 1.17 1.24 1.29 1.00 1.24 1.14 1.16 1.13 1.04 1.21
m decrease of 0.60 million bpd, the lowest since Jun 2022
Congo-Brazzaville / 0.26 0.24 0.25 0.22 0.23 0.24 0.27 0.22 0.25 0.22 0.21 0.22 0.24
Republic of Congo
• Exports from Middle East OPEC members accounted for 76.8%
of all OPEC exports, while African members accounted for a further Equatorial Guinea 0.13 0.07 0.08 0.11 0.06 0.08 0.12 0.06 0.08 0.05 0.06 0.04 0.06
22.5%, with Venezuela contributing for 0.7%. Gabon 0.17 0.14 0.19 0.17 0.21 0.21 0.17 0.22 0.18 0.24 0.14 0.23 0.20
Iran 0.30 0.33 0.23 0.19 0.23 0.23 0.28 0.55 0.22 0.27 0.31 0.27 0.26
• Saudi Arabia announced the Mar OSP to Asia, increasing OSPs for Iraq 3.60 3.63 3.55 3.71 3.53 3.66 3.62 3.70 3.64 3.79 3.63 3.67 3.46
most grades as against a market expectation of a cut. The Kuwait 1.86 1.98 1.74 1.89 1.85 1.80 1.89 1.95 1.93 2.00 1.87 1.69 1.90
anticipated improvement in Chinese demand was a likely reason for Libya 0.86 0.97 0.90 0.71 0.71 0.55 0.58 0.91 1.05 1.00 0.88 0.92 0.89
the increase. OSP for the flagship Arab Light grade was increased by Nigeria 1.56 1.48 1.40 1.34 1.54 1.26 1.23 1.17 1.24 1.08 1.22 1.44 1.51
$0.20/bbl compared to Feb. The OSPs for the Medium & Heavy Saudi Arabia 6.69 6.72 6.59 7.26 7.07 6.92 7.85 7.88 7.71 7.35 7.29 7.52 6.92
grades were increased by $0.50/bbl each. United Arab Emirates 2.54 2.76 2.76 3.10 2.80 2.92 2.98 2.98 2.83 2.97 2.95 2.81 2.68
Venezuela 0.17 0.21 0.32 0.40 0.17 0.19 0.34 0.35 0.39 0.11 0.17 0.35 0.15
• G7 nations, the European Commission and Australia approved a Total 19.39 20.13 19.51 20.59 20.05 19.78 20.63 21.67 20.93 20.64 20.14 20.57 19.82
$100/bbl price cap on premium Russian oil products such as diesel
and $45/bbl for discounted products from Feb. 5. ICE gasoil closed at
near $110/bbl on Friday, the lowest in almost two months but Russian
diesel traded in Europe at around $80/bbl after discount. The price
cap is a get out clause to minimize supply disruptions to allow G7 Seasonality of OPEC crude oil exports (2018 OPEC Exports for Report month(mnbpd)
companies to continue providing credit, insurance and shipping onwards)

4.5%

1.8%

1.3%

1.2%

1.0%

0.7%

0.3%
services in the trading of Russian oil. However, the EU has on its own

6.1%
7.6%
imposed a ban on Russian oil imports regardless of any price caps; Current Year Max Min 100%

9.6%
13.5%
thus going forward the absence of about 3-3.5 million mt of diesel in

100.0%
17.5%
Europe. There will be a 55-day transition period for sea-borne 800 750.8
Russian oil products bought and loaded before Sunday. The wind-

34.9%
down period for Russian crude was 45 days. 50%
mnbbls

• Chinese independent refiners have shifted focus from crude to fuel 600
oil feedstock material for their refineries with reports of blended
Russian fuel oil proving to be not just economically attractive but also 497.0
0%
overcomes the requirement of having crude oil import quotas, which ia q it ia la a
Ira irat… uwa iger ngo Liby lger
ia ran … bon ela nea otal
ab I le u i T
are privy to few refiners in the country. Reuters spoke with sources in Ar m K N A A vil Ga nez l Gu
di
u bE zz
a
Ve ria
400 a a a to
independent refiners in the country who confirmed their interest in S r Br ua
0 5 10 dA o-
sourcing fuel oil barrels as crude oil substitute. n ite o ng Eq
Load Month U C

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 Power BI Desktop
OPEC Report January 2023
OPEC Production & Compliance An LSEG Business
January production from OPEC was at 28.87 million bpd, with the OPEC10 production at 24.50 million bpd. The January production was 0.05 million bpd lower m-o-m with lower volumes
from Iraq and no further increases from Nigeria. The OPEC 10 members produced 0.92 million bpd lower than their target production levels.

OPEC Monthly Production (mnbpd)

Date Algeria Angola Congo Equatorial Guinea Gabon Iraq Iran Kuwait Libya Nigeria Saudi Arabia UAE Venezuela

August 2022 1.04 1.18 0.26 0.09 0.18 4.52 2.56 2.80 1.10 1.18 10.85 3.18 0.64
September 2022 1.05 1.10 0.26 0.09 0.19 4.50 2.56 2.82 1.15 1.15 11.00 3.19 0.67
October 2022 1.06 1.06 0.26 0.06 0.19 4.59 2.55 2.81 1.15 1.12 11.00 3.19 0.68
November 2022 1.02 1.08 0.26 0.06 0.19 4.52 2.57 2.68 1.13 1.18 10.47 3.04 0.69
December 2022 1.01 1.11 0.26 0.06 0.19 4.49 2.58 2.68 1.14 1.35 10.45 3.04 0.65
January 2023 1.01 1.13 0.26 0.05 0.19 4.40 2.56 2.68 1.15 1.29 10.44 3.05 0.66

Source: Reuters OPEC Survey

African OPEC members Production History Middle East OPEC members Production History
Angola Congo Gabon Equatorial Guinea Algeria Libya Nigeria Iran Kuwait UAE Iraq Saudi Arabia

10.44
10.10
20
1.46 1.29 11.00 11.00
10.40 10.55 10.75 10.45
1.49 1.18 1.35 10.19 10.30
1.15 1.12
1.35 1.28
4 1.13

1.15
0.99 1.10 1.15 4.40
1.04 1.05 1.13 1.14 4.20 4.40 4.35 4.45 4.52 4.50 4.59 4.49
0.78 0.61 10 4.26

0.98 1.01 2.92 2.96 2.97 3.03 3.13 3.19 3.19 3.04 3.04 3.05
0.99 1.00 1.01 1.02 1.03 1.04
1.06 1.01
2
2.58 2.61 2.64 2.69 2.77 2.82 2.81 2.68 2.68 2.68

0.3 0.3 0.3 0.3 0.3 0.3 0.3 0.3 2.48 2.55 2.58 2.53 2.56 2.56 2.55 2.57 2.58 2.56
0.3 0.3
0
Jan 2022 Mar 2022 May 2022 Jul 2022 Sep 2022 Nov 2022 Jan 2023 Jan 2022 Mar 2022 May 2022 Jul 2022 Sep 2022 Nov 2022 Jan 2023

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OPEC Report January 2023
OPEC Condensate An LSEG Business

• Monthly condensate exports from OPEC in January decreased OPEC Condensate Monthly Exports (million bbl)
to 6.0 million bbl, a m-o-m drop of 1.0 million bbl. Load Country 2022-01 2022-02 2022-03 2022-04 2022-05 2022-06 2022-07 2022-08 2022-09 2022-10 2022-11 2022-12 2023-01
                           

• Algeria accounted for 38.3% of the monthly volumes, with a Algeria 0.7 1.4   1.4 1.4   2.8 0.7 2.1 4.7 1.0 3.2 2.3
total export of 2.3 million bbl. All cargoes were destined for Iran             0.8 2.0   1.6      
France Iraq                   0.3      
Libya 1.2 2.2 3.1 1.9 0.6 1.2 1.1 2.9 3.1 3.7 1.2 3.8 3.4
• Libyan condensate exports accounted for a total of 3.4 million United Arab         0.3               0.3
bbl with destinations as France, Spain and Netherlands. Total 1.9 3.6 3.1 3.3 2.3 1.2 4.7 5.7 5.2 10.2 2.2 7.0 6.0

• 300,000 bbls of Sharjah condensate were exported from the

UAE to China

OPEC Condensate Exports by Load Country (million bbl) OPEC Condensate by Destination (million bbl)
Load Country Algeria Iran Iraq Libya United Arab Emirates Libya Algeria

10.2
10

3.7
7.0
6.0
5.7
5.2
4.7 1.6
5 3.8 France (Southern) 1.6
3.6 3.3 1.1 2.9 3.4
3.1 3.1 Netherlands 1.2 France (Southern) 1.2
2.3 0.8
1.9 2.2
2.2 1.9 4.7
1.2 2.0
1.2 3.1 2.8 1.2 3.2
2.1 2.3 France (Northern) 0.7
1.4 1.4 1.4 1.2 1.0
0.7 0.7
0 United Arab Emirates
2022-01 2022-02 2022-03 2022-04 2022-05 2022-06 2022-07 2022-08 2022-09 2022-10 2022-11 2022-12 2023-01 Spain 1.0

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OPEC Report January 2023
Saudi Arabia An LSEG Business

Saudi Arabia Exports by month (mnbpd) Saudi Exports for Report month by load port Saudi Arabia & Kuwait Neutral Zone cargoes
8.0 & dest region for Report month by Destination (million bbl)
7.88 Grade Khafji Ratawi (Wafra Ratawi) Eocene (Wafra Eocene)
Ras al Khafji
APAC-Others
7.5 United States 0.8
7.26 Yanbu China 1.7
United Arab Emirates
0.4
APAC-Top 4
7.0 6.90

6.92 6.92 United States

0.9 7.3 Indonesia
6.61 North America
0.5
mnbbl
6.5 Ras Tanura Med and North Africa Singapore
United Arab Emir… 0.3
6.41 South Africa and Indian Ocean 0.4
UKC/NWE
Latin America Thailand 0.3
6.0 South Korea 1.9
Jul 2021 Jan 2022 Jul 2022 Jan 2023 Middle East

Arab Light OSP Diff Arab Medium OSP Diff Arab Heavy OSP Diff
Asia (Oman D… NWE (ICE Br… Med (ICE Br… USA (ASCI) Asia (Oman Dubai) NWE (ICE Brent) Med (ICE Br… USA (ASCI) Asia (Oman D… NWE (ICE Br… Med (ICE Br… USA (ASCI)
10
9.80 7.75 5 6.00
5.50 5.70 5.70 5.70
5.00 5.00
5 5.95 6.15 6.15 6.15
5.45 5.45
2.20 2.45
6.15 6.35 6.35 6.35 4.00
5 5.85 5.85
5.45 5.45 3.75 0 1.25 1.25
3.20 3.20
4.70 4.70
2.20 2.20
0 1.10 -2.20 -2.20 -2.25
2.70
0.20
1.70 1.80
-5 -4.20
0 0.90 0.90 -1.20 -1.30 -1.30 -4.90
-5.90 -5.70 -5.90
-1.50 -2.80
Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023

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OPEC Report January 2023
Iraq An LSEG Business

• Iraqi crude exports dropped to 3.46 million bpd, a m-

o-m fall of 210,000 bpd.
Iraq Exports by month & grade split (mnbpd) Iraq exports by Grade & Destination (mnbpd)
Basrah Heavy Basrah Medium Kirkuk Kurdish Crude Oil Basrah Medium Basrah Heavy Kurdish Crude Oil
• India was the largest lifter of Iraqi crude oil in January,
taking 0.91 million bpd, split between 0.44 million bpd Italy
(Blank) 0.17
0.39 0.33 0.09
of BM and 0.47 million bpd of BH. 0.35 0.34 0.31 0.33 0.32 Croatia 0.12
0.38
2.37 South Korea
2.17 2.44 2.12 2.25 2.50
• China was the second biggest lifter with 0.87 million 3 2.48 2.18 0.14
Singap… 0.06 China 0.72
bpd of liftings split as 0.72 million bpd of Basrah
Italy 0.01
Medium (BM) along with 0.15 million bpd of Basrah
Heavy (BH).
2
India 0.47
3.46 France (North…
• A massive earthquake that struck Turkey and Syria on 0.03
million bpd
Monday (06th Feb) had halted operations at Ceyhan Greece 0.14
and stopped key crude oil flows from Iraq and 1
Azerbaijan. However, Refinitiv ship tracking data shows 1.09 1.12 1.13
0.95 0.98 China 0.15
the vessel Vallesina loaded at the Botas Ceyhan 0.86 0.78
0.67 India 0.44
terminal on Tuesday and is now heading to Augusta.
United Arab… 0.10
The BTC terminal for Azeri crude is still being assessed 0 Italy 0.10
South Korea 0.08
for damage. Apr 2022 Jul 2022 Oct 2022 Jan 2023

Basrah Light OSP Diff Basrah Medium OSP Diff Basrah Heavy OSP Diff
Asia (Oman+Dubai/2) Europe (Dated Brent) USA (ASCI) Asia (Oman+Dubai/2) Europe (Dated Brent) USA (ASCI) Asia (Oman+Dubai/2) Europe (Dated Brent) USA (ASCI)
2 10 5
1.95 1.95 1.95 1.95 1.95 1.95

5 0
5.10 0.50
0 -2.10
-2.50
0 1.40 1.70 -5 -3.25 -3.25
0.90 0.90
-5.30 -5.30 -5.60 -5.75
-1.40 -6.05 -5.95
-0.90 -0.90 -0.90 -0.90 -0.90 -0.90 -2.10 -2.10 -2.00 -1.70 -1.70
-5 -10
-2

-12.75
-2.55 -2.55 -2.55 -2.55 -2.55 -2.55 -10 -8.10 -9.00 -9.20 -8.20 -8.20 -8.95 -15 -13.55 -13.95 -13.25 -13.25 -13.15
Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023

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OPEC Report January 2023
United Arab Emirates An LSEG Business

• UAE crude exports were assessed at 2.68 million bpd UAE exports by Grade & Destination (mnbpd) ADNOC exports by Load port / berth (mnbpd)
• Japan remains the largest buyer of Murban and Das. In terms of the other
flagship grade, Upper Zakum, China imported 47.8% of the total volumes Murban Upper Za… Das Umm Lulu Crude Oil Mubarraz Mubarek Zirku Island Fujairah Das Island Jebel Dhanna/Ru… Mubarraz Island
followed by India and Japan, which accounted for a combined 24.4%.
• 98.8% of the UAE volumes originated from one of the ADNOC berths. 38.5% (Blank) 0.06 (Blank) 0.01
India 0.04 Das Island - Crude Oil S…
of ADNOC volumes came out of Zirku Island followed by 26.6% from Das South Korea 0.02 India 0.06
0.24 Zirku Island - Crude …
Island. Murban crude was split between Fujairah and Jebel Dhana and China 0.01 0.37
accounted for 34.2% of the total volumes. South K… 0.05 Japan 0.30
Philippi… 0.03 Zirku Island - …
Das Island - C…
OSP Jan Feb Mar Mar Diff to Murban Malaysia 0.01 0.41 0.42
Murban $90.90 $80.11 $82.63
Umm Lulu $90.90 $80.16 $82.68 + $0.05 Japan 0.22 2.68 Malaysia 0.09
Singapore 2.65
Das Blend $89.70 $78.71 $81.18 - $1.45 0.05
million bpd South … 0.07 million bpd
Upper Zakum $85.70 $77.01 $80.68 - $1.95
India 0.16 Thailand 0.09
(Blank) 0.02 (Blank) 0.03
The March OSP for Murban was set at $82.63/bbl, an increase of $2.52/bbl
from February. ADNOC had revised lower its projected volumes of Murban Zirku Island - SPM C
Brunei D… 0.02 ADCO Fujairah SPM 2 0.17
crude for export in 2023 by 80,000 bpd for each month between Jan and Sept China 0.38 0.30
Singapore 0.05
bringing the expected available volumes to 1.37-1.39 million bpd. ADCO Fujairah SPM 1
Japan 0.10 India 0.10 0.43

UAE Exports by Load ports (mnbpd) OSPs as Diff to Murban ($/bbl) IFAD Murban prompt futures ($/bbl)
Das Island 2.98 2.97 2.95 Das-OSP Umm Lulu-OSP Upper Zakum-OSP
3 2.83 2.81 122.51
Fateh Terminal 2.68
120
Fujairah
2 0 113.26
Hamriyah (Sharjah) 0.10 0.10 0.10 0.10 0.10 0.05
2
Jebel Dhanna/Ru…
100 97.64
-0.80 -0.80
Mubarraz Island -1.10 -1.10 -1.10
-1.40 97.15
Zirku Island 1 -2 -1.70 92.84
1 83.85
flows mnbpd
-2.80 -2.80 80
-3.00 -3.00 -3.10
0 0 -4 74.84
Sep 2022 Nov 2022 Jan 2023 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Apr 2022 Jul 2022 Oct 2022 Jan 2023

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OPEC Report January 2023
African OPEC An LSEG Business
• Crude exports from North African OPEC member Libya decreased by 30,000
bpd m-o-m to be assessed at 0.89 million bpd. Algerian exports also decreased
by 30,000 bpd to be assessed at 350,000 bpd.
African OPEC exports by Destination for Report month (mnbpd)
China Spain United St… South Africa United Ki…
• The Dubai - Brent spread narrowed during the month with the reopening of
China and benchmark Brent indices falling more than the Dubai complex. This
opened up arbitrage opportunities for Atlantic basin crudes to flow to Asia.

Nigeria 0.09
Congo-Braz… Nigeria 0.09

Dubai Brent EFS ($/bbl) Libya 0.12

Nigeria 0.33
DUB-EFS-1M

Libya 0.08 Alg… An…

10
Libya 0.04 Algeria… Angola 0.09 Algeri…
Canada Netherlands Malaysia Portugal
Gab… Nig…
0 Nig… …
Apr 2022 Jul 2022 Oct 2022 Jan 2023 Angola 0.72 Equatorial G… Libya 0… An… Nigeria 0.…
Italy Nigeria 0.08 Ango… Lib… Libya …
African OPEC Exports for Report month (mnbpd) Nigeria … Al… Congo-Br…
France (Southern)
Nigeria 1.51 Australia Sout… Gre… Cro…

Nigeria 0.10
Angola 1.21 Algeria 0.03
Libya 0.07 Nigeria 0.07
Gabon… Liby… Nige…
Libya 0.89 Thailand Israel
Ta… Peru Ur… Si…
Libya 0.37 Gabo… Alg…
Algeria 0.35 Ang… Nig…
India
Cote DIvoire Co… Ni… Ni… Eq…
Congo-Brazzaville / Re… 0.24 Libya 0.05 Al… …
Indonesia Poland Ukraine
Angola … Ga… Nigeria 0.06
Gabon 0.20
Turkey Germ…
Sweden
Equatorial Guinea 0.06
Nigeria 0.29 Congo-… Lib… Nigeria 0.06 Gabon 0.03 Nigeri… Li… Angola

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OPEC Report January 2023
West African OPEC An LSEG Business

• Nigerian exports increased by 60,000 bpd, to be assessed at 1.51 million bpd, while Angolan exports gained 170,000
bpd m-o-m with total exports hitting 1.21 million bpd.
West African OPEC Exports by month (mnbpd)
• Gabon's exports decreased by 40,000 bpd to 200,000 bpd, while shipments from Eq Guinea went up by 10,000 bpd and Angola Congo-Brazzaville / Republic of Congo Equatorial Guinea Gabon Nigeria
from Congo increased by 20,000 bpd.
West African OPEC exports by Destination Region for Report month (mnbpd) 3 1.54 1.51
1.56 1.40 1.34 1.17
Load Country   APAC- APAC- Baltics Latin Med and North South UKC/ West Total 1.24
1.08
Others Top 4 America North America Africa and NWE Africa
Africa Indian 2
                   
Ocean
Angola 0.13 0.09 0.67     0.09 0.03 0.10 0.10   1.21
Congo-Brazzaville / 0.03   0.18           0.03   0.24
Republic of Congo 1 1.23 1.29 1.24 1.21
1.09 1.00 1.04
Equatorial Guinea     0.04     0.01         0.06 0.87
Gabon 0.03   0.09     0.05     0.02   0.20
Nigeria 0.05 0.10 0.22 0.03 0.03 0.37 0.32 0.03 0.22 0.12 1.51
0
Total 0.24 0.19 1.20 0.03 0.03 0.52 0.35 0.13 0.38 0.12 3.21 Jan 2022 Apr 2022 Jul 2022 Oct 2022 Jan 2023

Angolan exports by Grade (mnbpd) Nigerian exports by Grade (mnbpd) Other West African exports by Grade &
Destination (mnbpd)
Jubilee Ebok
Saxi Batuqu… 0.05 0.02 Forcados Blend 0.25 …
Bonny Light 0.03 0.02
ina
Kissanje Blend Abo 0.03 Ch
0.06 Nemba 0.29 iba
Usan 0.03 Ce
G…
Hungo Blend orial
Yoho 0.06 uat
0.06 Eq

It…

Ch
Co
CJ Blend

ng

ina
Olombendo

o-B
0.06

Djen
Eg…
0.06

razz
R…
1.21 1.51 Qua Iboe

o Blend
Akpo Blend

aville / Republic of
Saturno
million bpd Mostarda
0.07
million bpd
0.22
0.49
0.07

Mandji
China
0.10 million bpd
Bonga 0.09

on
Gab

Co
Girassol 0.08

ng
o
Plutonio 0.10 Egina 0.09 Escravos 0.17

…
Ne
ji
nd
Clov 0.09 t/Ma
Ligh N'Ko
Dalia 0.09 Pazflor 0.09 Amenam Blend 0.13 Agbami 0.15
Rabi s…
Unit
ed …
China

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 Power BI Desktop
OPEC Report January 2023
North African OPEC An LSEG Business

North African OPEC exports by Dest Region for Report month (mnbpd) North African OPEC Exports including Condensate by month (mnbpd)
Algeria Libya
APAC-Top 4
1.5 1.12
Algeria
Baltics 1.05 1.15 1.04
1.01 1.01
0.90
North America 0.92
1.0 0.77
0.59
UKC/NWE

Libya 0.5
Med and North Africa 0.54
0.46 0.44 0.48
0.41 0.40 0.42
0.37 0.34 0.31
0.0
APAC-Others Jan 2022 Mar 2022 May 2022 Jul 2022 Sep 2022 Nov 2022 Jan 2023

Algerian exports including Condensate by Grade & Dest (mnbpd) Libyan exports including Condensate by Grade & Dest (mnbpd)
Es Sider Italy
France (Southern) 0.02 Italy 0.02 0.02 Germany 0.02
France (Southern) 0.05
Amna Italy 0.02
Italy 0.04
Mesla Italy 0.02 Italy 0.13
France (Northern)
0.02 China 0.03
Lithuania 0.03 Mellitah Condensate United Kin… 0.02
El Sharara Spain 0.02 Malta 0.02
United States Italy 0.02 Turkey 0.02
Saharan Blend
0.04
0.42 Zueitina (Blank) 0.00
Singapore 0.03 1.01 France (… 0.02
France (Southern)
Algerian Condensate Netherlands Brega
million bpd 0.02
million bpd 0.07 Malaysia 0.03
Sarir Italy 0.05
Italy 0.02
Saharan Blend Sweden 0.02 Spain 0.02
United Kingdom
Netherlands 0.02 United Stat… 0.02
0.07 Bouri (Buri)
South Korea 0.02 China 0.03
Indonesia 0.02
Bu Attifel Indonesia 0.03
Spain 0.03
Spain 0.08 France (Southern) 0.04 Singapore 0.05

Contact Ranjith Raja (ranjith.raja@refinitiv.com) with questionsDownloaded

about OPEC analysis
from and data, or theEikon
Refinitiv MENA Research Team (oil_research_mena@refinitiv.com) for other questions.

by VJoganathan@akaritrading.com on 02/12/2023 18:08:00

 Power BI Desktop
OPEC Report January 2023
Refinery Margins & Throughput An LSEG Business

Singapore refining margins ($/bbl) China refining throughput (million MT)

Crude Slate Cracking C1 Dubai Cracking C1 Murban Cracking C1 Upper Zakum Cracking C1
20
60

50
Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Jul 2021 Jan 2022 Jul 2022

Indian refinery throughput (kT)

Med refining margins ($/bbl)
24K
Med Crude Slate Cracking C1 Med CPC Blend Cracking C1 Med Urals Cracking C1

22K
50

20K

0 18K
Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Jul 2021 Jan 2022 Jul 2022

NWE refining margins ($/bbl) Japan refinery throughput (kbpd)

NWE Crude Slate Cracking C1 NWE Urals Cracking C1 NWE Arab Light Cracking C1 3,000

50
2,500

0 2,000
Aug 2022 Sep 2022 Oct 2022 Nov 2022 Dec 2022 Jan 2023 Feb 2023 Jul 2021 Jan 2022 Jul 2022

Contact Ranjith Raja (ranjith.raja@refinitiv.com) with questionsDownloaded

about OPEC analysis
from and data, or theEikon
Refinitiv MENA Research Team (oil_research_mena@refinitiv.com) for other questions.

by VJoganathan@akaritrading.com on 02/12/2023 18:08:00

 Power BI Desktop
OPEC Report January 2023
Floating Storage & Tanker Freights An LSEG Business

VLCC floating storage Freight rates for key routes from Middle East
Floating storage, confirmed excluding Iran (bbl) Floating storage, potential excluding Iran (bbl) ME-China-VLCC ME-NWE-VLCC ME-USG-VLCC
4

40M

$/bbl
2

20M

0
Mar 2022 May 2022 Jul 2022 Sep 2022 Nov 2022 Jan 2023 Jul 2022 Sep 2022 Nov 2022 Jan 2023

Suezmax floating storage Freight rates for key routes from West Africa
Floating storage, confirmed (bbl) Floating storage, potential (bbl) WAF-China-VLCC WAF-USG-VLCC WAF-USAC-Suezmax

5
20M

$/bbl
0M 0
Mar 2022 May 2022 Jul 2022 Sep 2022 Nov 2022 Jan 2023 Jul 2022 Sep 2022 Nov 2022 Jan 2023

Aframax floating storage Freight rates for key routes in Med

Floating storage, confirmed (bbl) Floating storage, potential (bbl) Cross Med-Suezmax Cross Med-Aframax

20M

$/bbl
10M

0M
Mar 2022 May 2022 Jul 2022 Sep 2022 Nov 2022 Jan 2023 Jul 2022 Sep 2022 Nov 2022 Jan 2023

Contact Ranjith Raja (ranjith.raja@refinitiv.com) with questionsDownloaded

about OPEC analysis
from and data, or theEikon
Refinitiv MENA Research Team (oil_research_mena@refinitiv.com) for other questions.

by VJoganathan@akaritrading.com on 02/12/2023 18:08:00