Best Blog Ever When It Comes To Topical Blogging -- We Saw This Coming Yesterday -- July 17, 2024

Locator: 48171B.

From yesterday:

Saudi: for the archives. Nothing new. Nothing to see here. In round numbers, Saudi produces ten million bopd and exports 60%. Their budget requires / is based on $100-oil.

Today, link here:

From the linked article:

U.S. crude oil exports have been riding some nice tailwinds from Saudi Arabia’s July export cuts so far, likely further lowering U.S. crude inventory this month.

Bloomberg reported that Saudi Arabia’s overseas oil shipments dropped to a 10-month low in June, sitting at around 168 million bpd for the month (~5.6 million bpd).

According to Bloomberg, this figure is only 250,000 higher than the lowest point during the pandemic. HOLY MACKEREL.

Saudi Arabia isn’t the only major OPEC+ country that’s dialing back its crude exports this summer. According to HFI Research, Russian crude exports have fallen from 5 million bpd in June to below 4 million bpd so far in July. HOLY MACKEREL.

I guess twitter was renamed "X" for a reason; soon to be "XXX"?

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Yellow River

Link here.