Despite Gabon’s Opec + crude production quota set at 155,000 b / d in February, the country’s exports will peak at 210,000 b / d against 153,000 b / d expected for January. According to a loading schedule obtained by independent provider of pricing information, advisory services, market data and business intelligence for global industries, Argus Media Ltd, Gabon is preparing to increase its crude oil exports for the month of February.
Faced with a recovery in demand, members of the Organization of the Petroleum Exporting Countries and their partners will increase production very slightly in February and March.
This increase in crude oil exports comes against a backdrop of a resumption of fragile demand, requiring “caution” in the face of uncertainties over global oil demand. It will be characterized by a 10% increase in Rabi Blend, which will rise to 68,000 bpd next month compared to this month, for two shipments. Private Equity-backed Assala Energy will market the two cargoes, scheduled for loading Feb.5-6 and Feb.22-23.
Loadings of Rabi Light, Oguendjo and Mandji will increase slightly to 34,000 bpd each next month. The Franco-British independent Perenco on Jan.6 closed a tender to sell a shipment of Mandji from Feb.27-28, but details have not yet emerged. Gabon Oil Company will market next month’s Rabi Light and Oguendjo shipments. The remaining February exports will include a cargo of Etame and Dussafu, totaling 17,000 b / d and 23,000 b / d, respectively.
The oil market is gradually continuing to rebalance, thanks to a rise in world demand for crude to 94.7 MMb / d in the last quarter of 2020 (compared to around 100 MMb / d in 2019). In the last quarter of 2020, the world supply of crude oil was estimated at nearly 91.9 million barrels per day (MMb / d), of which more than half came from OPEC + producers (OPEC and 10 other producers in first among which Russia), according to the latest available data relayed by IFP Énergies nouvelles.
