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Saudi Crude Arrivals Gain in August but Exports Slipping


Mid-month figures for global arrivals of Saudi crude stands at 7.2mbd in August, up by 1.1mbd from July, and above the 6.8mbd average across the first half of the year - driven by Asian demand according to Vortexa (see chart).

  • Meanwhile, oil export activity out of Saudi continues to decline. Saudi Arabia’s exports so far in August (1-14) have fallen to the 6mbd mark, the first time this has happened since June 2021.
  • The bulk of the m-o-m rise in August arrivals is due to higher imports from core buyers in Asia. China, Japan, India and Taiwan are on track to collectively raise imports of Saudi crudes by 1.2mbd, putting totals at historical upper ranges according to Vortexa.
  • Falling Saudi supply is increasing competition between Asian and European buyers for sour crude and driving the latter to pivot to a sweeter import slate, driving demand for grades like WTI.

source: Vortexa

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