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Saudi And Russia Cuts Offset By OPEC+ Partners: Vortexa

OIL

Crude export cuts from Saudi Arabia and Russia are “pronounced but dampened by limited” co-operation from other OPEC+ members, according to Vortexa analyst Pamela Munger.

  • Strong supplies in the Atlantic basin are also counterbalancing the cuts, she added.
  • Combined exports from Saudi and Russia are down 1.6m b/d compared to March-April levels.
  • However, the cuts in Russian crude oil output have been offset by larger product exports and are in any case in line with Russia’s seasonal trends. According to Vortexa, actual Russian cuts may be closer to 200k b/d.
  • Other OPEC+ members also don’t appear to be contributing to the output cuts, diluting some of their effects.
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