As discussed on CNBC Asia last night, Core OPEC has been ramping up exports this month ahead of tomorrow's OPEC meeting in Vienna. Historically, production typically rises ahead of an OPEC quota hike, and this time looks no different.Continue Reading
As oil prices hover close to multi-year highs, Saudi's Oil Minister has hit the wires saying that OPEC 'shouldn't be complacent and listen to some of the noise such as mission accomplished' . Just as we learned earlier in this economic cycle via 'don't fight the Fed', we too should take heed: 'Don't fight the Falih'.Continue Reading
In the latter half of last year, we highlighted how Saudi deliveries to Motiva's Port Arthur refinery had been surpassed by Iraqi barrels for the first time on our records. While this trend has now reversed, when it comes to total OPEC flows, the more things change, the more they stay the same.Continue Reading
Last week, we discussed changing trends in Iraqi crude flows into Asia. Total deliveries of OPEC crude to China rose last year by 300,000 bpd, as cartel members looked to keep one of its key growth markets well supplied.
Even though Iraqi deliveries into China reached the highest on our records in November at a million barrels per day, arrivals in 2017 were actually down versus the prior year,...Continue Reading
Wowee, 1985 showed a rich vein of form for movies. It was the year that spawned The Goonies, The Breakfast Club, Spies Like Us, Fletch and Back to the Future. It is Michael J Fox's breakthrough movie as Marty McFly which is particularly appropriate this month, given an event that is unfolding in the oil market which has not occurred in the last 32 years.Continue Reading
This morning's appearance on the set of CNBC's Squawk Box was a whirlwind tour of what is on our mind here at the good ship Clipper: falling Saudi exports to the US, rising Libyan exports, strong product demand, and crude being mopped up in Asia. Hark, click on the below mug shot to launch to the clip:Continue Reading
Back in late May, Saudi Oil Minister Khalid Al-Falih said that 'exports to the U.S. will drop measurably', as the OPEC Kingpin adjusted its focus to reducing exports to the world's most transparent energy hub.
Exports from Saudi to the U.S. take approximately seven weeks to arrive - hence, as we swiftly approach the end of July, we can see from Saudi deliveries this month that they are not...Continue Reading
It's good to see Saudi Oil Minister Khalid Al-Falih jumping on the tanker-tracking train (well, you know what I mean), highlighting that participants in the OPEC / NOPEC production cut deal need to reconcile production with exports, and that oil exports are now the key metric to monitor. (Come on in, the water is fine!).Continue Reading
Crude is rebounding into the weekend after yesterday's solid dose of the WBWs (whoop-bang-wallops, lest we forget). Although prices are now mired below their 200-day moving averages, after dropping ~15 percent from mid-last month, some bargain-hunting has entered into the fray at the end of the week. Hark, here are five things to consider in oil markets today:Continue Reading