Physical Crude Market seems more Relaxed than Paper over Saudi Tensions

The crude oil price appears firmly in the hands of geopolitical concerns, with veiled Saudi threats over the disappearance of a journalist and the ramping up of U.S. sanctions against Iran getting most of the attention. However, it’s always worth looking at what is happening in the real world of physical oil flows and pricing,
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Saudi Arabia is currently pumping 10.7 million b/d of crude oil, energy minister Khalid al-Falih said Wednesday, near its all-time high. The kingdom, under pressure from the US to raise output to cool rising prices, produced an average of 10.42 million b/d in August, according to figures it self-reported to OPEC last month. Asked what
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Saudi Arabia is now comfortable with Brent oil prices rising above $80 a barrel, at least in the short term, as the global market adjusts to the loss of Iranian supply from U.S. sanctions, according to people familiar with the kingdom’s view. The world’s largest exporter has tried to keep crude from trading above $80
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A supertanker carrying the first crude oil cargo for a refinery joint-venture project between Petronas and Saudi Aramco is expected to reach Malaysia by end-September, according to trade sources and data from Thomson Reuters Oil Research and Forecast. The very large crude carrier (VLCC) Navarin carrying 1 million barrels each of Saudi Arab Medium crude
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At least three North Asian buyers will receive extra supplies of oil from Saudi Arabia after the kingdom cut its prices for most grades in October and as they look to cushion the impact on supply of U.S. sanctions on Iran, sources said. Buyers have asked to lift more Saudi oil than contracted volumes in
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Saudi Arabia is putting its crude production capabilities – and its ability to balance the oil market – to the test. The kingdom finds its oil production policy at a crossroads, with the need to appease allies countered by its desire for higher prices to balance its books. Urged by US President Donald Trump to
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A comprehensive Stanford-led analysis in Science finds that Saudi Arabia’s crude oil production has the lowest carbon emissions per barrel among major petro-players. Why it matters: Upstream production (before it’s refined and used in cars, etc.) accounts for 5% of all greenhouse gas emissions from global fuel combustion, the study finds, which could have ramifications
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Top oil exporter Saudi Arabia is expected to keep prices for the light crude grades it sells to Asia largely unchanged in October from the previous month to keep its oil competitive against other suppliers, several trade sources said on Monday. Saudi Arabia has cut the prices for Arab Light and Arab Extra Light to
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Saudi Arabia will report August crude oil production of 10.424 million b/d, an OPEC source told S&P Global Platts on Friday. The figure represents a 136,000 b/d increase from July, when Saudi Arabia, OPEC’s largest producer and the world’s largest crude exporter, self-reported production of 10.288 million b/d. The kingdom supplied to market 10.467 million
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Current U.S. sanctions on Iran are unlikely to stop Iranian oil exports completely, a long-time adviser at Saudi Arabia’s Energy Ministry said on Tuesday, adding Iran would be unable to close the straits of Hormuz and Bab al-Mandab even partially. Speaking at an oil conference in the Norwegian city of Stavanger, Ibrahim al-Muhanna said Iran
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