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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
July crude shipments from Saudi Arabia fell to a 22-month low following the implementation of its voluntary 1mb/d production cut.
- Exports were around 6.33m b/d, according to Bloomberg Tanker Tracker, down from 6.66m b/d in June.
- China remained the top destination for Saudi crude in July, taking 1.53m b/d, down 81k b/d from June.
- Saudi Arabia’s production target for July and August - following the unilateral production cut - is 8.978m b/d. This would mark be lowest level since July 2020, when production was slashed during the coronavirus pandemic.
- The unilateral production cuts are expected to be extended into September, although this has yet to be confirmed.
Source: Bloomberg
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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