The strategy worked wonders in 2017. It will be more challenging this time around unless the pandemic eases its grip on oil demand.
For the second time in three years, Saudi Arabia is slashing the volume of crude it’s sending to America in an attempt to force down stockpiles in the world’s most visible oil market and thereby hasten the rebalancing of supply and demand.
Weekly U.S. oil inventory data — usually published on a Wednesday and covering the period up to the previous Friday — is routinely pored over by oil analysts and traders alike. Despite their shortcomings, the figures give the most up-to-date picture of changes in the oil balance and influence trading decisions and crude prices around the world.
Shifts in the flow of crude into and out of American ports can have a big impact on the level of U.S. inventories. Riyadh has clearly decided it’s time to do its bit to bring them down from heights reached in May and June, when the coronavirus pandemic and the kingdom’s own output hike combined to drive the fastest ever surge in U.S. commercial crude stockpiles. In the five weeks between March 20 and April 24, the inventories increased at a rate of 2.1 million barrels a day and by the first week of June it was hitting new highs.
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11 comments:
We really need to update our refineries here in the states. They are old and need fixin alot. We just don't pay attention to it unless something breaks down OR a hurricane threatens the Gulf states.
Need to stop relying on the Saudi or anyone else and get back to nature.
USA!
We don't need them !!! Quit paying America's Enemys !!!!
We made them Ritch while them & Democrats Raped our country !!!
We are the world's largest exporter of oil in the world. So what exactly are they shutting off??
Let's get the oil flowing from the fracking sites again.
We lost our manufacturing base. It's going to be a miserable time until we built it back in the next generation or two.
But , but , but these are Trumps buddies
9:51
Who is “We”?
Do you own Big Oil?
I don’t don’t.
Spent time in Saudi Arabia. They are not nice people. They are not friends of the United States. They have big humanitarian problems. They treat women like dogs. They really get into the sex scene with young boys or young girls. There is the Royal family and then everyone else.Lying is accepted as the normal way of doing business. They can not really be trusted for anything. When their oil is gone they will go backward to riding camels and eating camel hump stew. Advise United States to remove all defensive weapons and especially the anti air defenses and let Iran take care of their oil.
Good this will put Texas back in business.
don't let that mental health nut job
Opiate Olsen
hear that
Remember 9/11. It was All Saudi Arabia who did this. Yet deep state Bush had to help daddy complete his revenge on Irag.
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