Free Trial
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.
OIL
The US, Russia and Saudi have flooded global markets with high crude volumes in March and April which has been one of the key factors pressuring crude prices as markets remain well supplied.
- Together, the three countries have exported 17.4mbd of crude over the last two months, up by 2.2mbd from the previous two months according to Vortexa. The exports are 4.6mbd or 37% higher than Jan-April 2021.
- Relative to the Jan-Feb average, crude exports in Mar/Apr are up by 0.9mbd in Saudi Arabia and the US, respectively, and by 0.4mbd in Russia.
- The three are unlikely to keep the pace going forward. Saudi may have been pushing barrels out ahead of OPEC+ cut commitments starting May, the US exports should drop as more domestic refining comes online while Russian crude exports normally fall during summer months as domestic demand increases.
- Rising Chinese demand has been a key factor in supporting exports from all three but the latest figures show Chinese crude imports falling 16% April m/m as refinery maintenance climbs.
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.
We are facing technical issues, please contact our team.
ok
Your request was sent sucessfully! Our team will contact you soon.
ok