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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.
Energy BulletsCommodities
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