Rodent + 1,424 July 19, 2018 Their production increased in June from May, then they agreed... kinda... in late June that they would stick more closely to the original cut agreement, unofficially agreeing to lift production so they would be closer to 100% compliance. Now, heavy hitter Saudi Arabia is expected to lower exports in August so as not to flood the market with oil? https://www.reuters.com/article/us-oil-opec-saudi/saudi-oil-exports-to-drop-by-about-100000-barrels-per-day-in-august-opec-governor-idUSKBN1K921Z?rpc=401& Quote Share this post Link to post Share on other sites
John Foote + 1,135 JF July 19, 2018 (edited) This time of year the Kingdom consumes a heck of lot of oil for electricity generation and desalinization. Production has to increase every summer. A 100,000 bbl drop in exports would still require increased production. Of course there is buffering with storage. Let's see how things are in mid-October when temperatures are moderate. Count the tankers leaving Rastanura. And if you need to really be accurate, then subtract the tankers entering Jazan. Edited July 19, 2018 by John Foote complete the math of tankers for understanding export levels Quote Share this post Link to post Share on other sites