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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
OIL
Total global crude/condensate exports (excluding Iran/Venezuela) slipped by 700kbd in January m/m according to Vortexa, reversing December’s brief uptick.
- Exports would have slipped further were it not for increases from key exporters Saudi and the UAE in January.
- Saudi exports in January posted a first m/m gain (+350kbd) since October 2023.
- UAE’s higher exports in January (+280kbd) coincide with planned maintenance at Ruwais refinery.
- Harsh cold weather saw US exports fall 420kbd m/m.
- Russian origin exports slipped 170kbd m/m.
- Norway, Brazil and Mexico also posted monthly declines in the range of 150-300kbd.
- Chinese refiners turning to domestic stockpiles, rather than seaborne exports is one of the factors that has driven global crude/condensate export weakness in 2024 according to Vortexa.
- See chart for details.
Source: Vortexa
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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