Saudis Buying Oil From Iraq

[tetonper + 17]

So we are supposed to believe Saudi Arabia will be getting production back up quickly when they are out trying to buy oil already for next month deliveries?

[wrs + 893]

Here, you should link an article at least.

 

https://www.today.ng/business/energy/saudi-asks-iraq-20-barrels-crude-attack-aramco-facilities-251468

[Ethan Ireland + 9]

1 hour ago, tetonper said:

So we are supposed to believe Saudi Arabia will be getting production back up quickly when they are out trying to buy oil already for next month deliveries?

I think it’s fair to say the supply crunch is yet to be felt. Aramco claims production is back up to 2 million barrels per day but that is still a shortage of nearly 4 million barrels per day. 

Edited September 19, 2019 by Ethan Ireland

[Jabbar + 465]

23 minutes ago, Ethan Ireland said:

I think it’s fair to say the supply crunch is yet to be felt. Aramco claims production is back up to 2 million barrels per day but that is still a shortage of nearly 4 million barrels per day. 

OLD NEWS

This is old news from before the Saudis reversed their claim. 

Old news being published to increase oil price.

[Ethan Ireland + 9]

1 hour ago, Jabbar said:

OLD NEWS

This is old news from before the Saudis reversed their claim. 

Old news being published to increase oil price.

Saudi’s current claim is that production is back up to 2 million. The plant is to be fully operational by the end of September. If that is the truth, that still leaves a near 4 million barrel per day shortage. 

[Jabbar + 465]

21 minutes ago, Ethan Ireland said:

Saudi’s current claim is that production is back up to 2 million. The plant is to be fully operational by the end of September. If that is the truth, that still leaves a near 4 million barrel per day shortage. 

Aramco just denied the report.

Saudi Aramco has over 90 mm bbls of oil inventory in Saudi Arabia alone PLUS storage in Rotterdam , Japan and China. 

Besides the rumor was not about crude. It was rumored Saudi were diverting oil from their refineries to export.  Not to replace loss of oil but to beef up revenue before forced internal IPO 25 Billion U.S. $ to give favorable balance sheet.  They would buy Iraq diesel without recording it as a financial transaction. Again, making financials look good.

OPEC and Saudi production cuts are big joke.

Edited September 19, 2019 by Jabbar