October 25, 2024 13:01 GMT
OIL: Saudi Ramps up Crude Exports in October
OIL
The first two-thirds of October show a spike in Saudi Arabia’s crude/condensate exports - which have jumped to an 18-month high of over 6.8mbd according to Vortexa.
- The rise in exports coincides with a 6.6mb drawdown in onshore inventories since early September, potentially utilising inventories to uplift their crude supplies for the market.
- The flows have ramped up as Saudi uses less volumes for domestic crude burn but come ahead of a potential unwinding of voluntary cuts towards the end of the year.
- Saudi has shifted its export strategy. In the first six months of 2024, crude/condensate liftings from its Red Sea ports have increased by nearly 50% or 360kbd compared to the same period a year ago, negating the risks of Red Sea attacks.
- The increase in Red Sea crude/condensate exports is helping to strengthen its market share in Europe.
Source: Vortexa
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