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OIL
Preliminary data spanning May 1-20 shows Saudi crude/condensate exports have fallen by 800kbd from April full month levels according to Vortexa.
- It initially suggests a strong drop due to its voluntary 500kbd production cut commitment in May but the recent drop comes from a significantly higher export pace in the weeks prior.
- Saudi weekly exports had peaked at almost 8mbd in the first weeks of April before falling to a still high 7.5mbd in the middle of April as Saudi sought to pump out volumes ahead of cuts.
- Even at a 6.4-6.5mn bpd mid-May, export volumes are similar to those at the beginning of the year.
- Further data will be required to show that Saudi’s lower exports are a result of lower production cuts rather than a tilted loading/export schedule but most market analysts/bank forecasts are seeing this as positive for cut compliance at present.
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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