Oil Prices Rise As Saudi Arabia Attacks The Glut

29 Jul 2017   Prices, Saudi Arabia

Back in late May, Saudi Oil Minister Khalid Al-Falih said that ‘exports to the U.S. will drop measurably ‘, as the OPEC Kingpin adjusted its focus to reducing exports to the world’s most transparent energy hub. Exports from Saudi to the U.S. take approximately seven weeks to arrive – hence, as we swiftly approach the end of July, we can see from Saudi deliveries this month that they are not just talkin’ the talk, but walkin’ the walk. We have regularly been assessing U.S. imports from Saudi Arabia here on the blog, given that production cuts should be reflecting through into lower flows . Imports in January reached nearly a three-year high, as the leading exporter from OPEC ramped up crude exports at the end of last year ahead of the January production cut. Imports remained strong through May, averaging over 1.2 million barrels per day for the first […]

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