Free Trial

Saudi Crude Flows Slump in May in First Indication of Production Cuts

OIL

Saudi seaborne crude exports slipped in May to 6.66mn bpd – the lowest since last June- and down from 7.43mn bpd in April according to tanker tracking data compiled by Bloomberg.

  • The significant drop in Saudi flows has indicated to the market that it is complying with its voluntary production cut of 500,000 bpd which was announced in April but began in May. The cuts are set to run until the end of the year unless extended at this weekend’s meeting.

To read the full story

Close

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.