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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.
OIL
Vortexa figures showed that Saudi Arabia drastically cut crude/condensate exports in August, by even more than 1mbd vs July, and by 1.6mbd vs the average over 2022 and H1 2023.
- All five Saudi grades of Arab crude have seen a drastic decline in volumes at sea over the month of August, by 45mb or close to 1.5mbd. The decline has sustained into September.
- That means, while Saudi Arabia has exported much less of its crude, more has been arriving at clients’ ports – coming out of floating storage instead.
- Saudi crude stock draws at sea are not sustainable long-term given Saudi crude-at-sea levels are already at the low end of the seasonal range according to Vortexa, meaning that the full impacts of Saudi cuts on tightening markets have not yet been properly felt.
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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