Friday, April 28, 2017

Saudi Cutting Production? What A Bunch Of Crap -- April 28, 2017


May 29, 2017: see update here. Peak Saudi exports in April, 2017.

Original Post 

The most recent numbers have just been posted for Saudi Arabia US crude oil imports:

Look at the amount imported in February, 2017: 1.338 million bbls. That is the second highest amount since April, 2014. The only higher amount was last month by 6,000 bbls.

Most recent February: imports exceeded the average for February for the past 17 years: 1.282 million bbls.

Since production cuts were announced in Oct/Nov, 2016, Saudi Arabian crude oil has increased 33%, from 1,000,000 bbls in November to 1,338,000 bbls in February, 2017.

If you look across the chart in general, the amount imported in February, 2017, was at the high end of all the monthly import data .

And then folks wonder why WTI is trending below $50.

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