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| Saudi Arabia Cuts U.S. Oil Exports to Work Down Global Supply Glut |
| 2017-06-13 |
| h/t Instapundit [WSJ] The state-owned Saudi Arabian Oil Co. expects its sales to the U.S. will drop below one million barrels a day in June, then slide to about 850,000 barrels a day in July, according to people familiar with the matter. The July figure would be the its lowest export total to the U.S. for that month since 1988, based on figures from the U.S. Energy Information Administration. Saudi Aramco expects its August exports to decline by another 100,000 barrels a day, these people said, which would be the lowest export amount for that month since 2009. Many oil traders have questioned whether production cuts by the Organization of the Petroleum Exporting Companies have done much to reduce a persistent global supply imbalance, in part because U.S. companies have rushed to fill any void left by OPEC. What a change from 1973 |
| Posted by:g(r)omgoru |
| #10 how will the sauds pay for all that shiny lockmartraythedynamics stuff they just bought? Apparently what was signed with such flourishes was a statement of intent, not actual purchase agreements. No purchase contracts, no need to pay. |
| Posted by: trailing wife 2017-06-13 21:43 |
| #9 Even a small war in the Gulf would do wonders for the oil price, by taking most Iran and Iraq oil off the market, but hardly affect Saudi shipments. |
| Posted by: phil_b 2017-06-13 21:25 |
| #8 Bear in mind that the Saudis have purchased the three largest refineries in the US. The screwing with has yet to begin. Outages, anybody? |
| Posted by: ed in texas 2017-06-13 18:44 |
| #7 The Saudis should shut down production completely. That will drive prices thru the roof. They'll be rich! (except for that volume thing. shut up) |
| Posted by: SteveS 2017-06-13 18:17 |
| #6 #5 Interesting that Rand Paul has joined with the Democrats in opposing the arms sales to the Saudis. Yeah, but Rand is the only one who actually cast a vote, the rest is all talk. |
| Posted by: jvalentour 2017-06-13 16:01 |
| #5 Interesting that Rand Paul has joined with the Democrats in opposing the arms sales to the Saudis. |
| Posted by: Deacon Blues 2017-06-13 15:10 |
| #4 Fancy way to spin "Your fracking is killing our sales." |
| Posted by: USN, Ret. 2017-06-13 14:43 |
| #3 But how will the sauds pay for all that shiny lockmartraythedynamics stuff they just bought? |
| Posted by: M. Murcek 2017-06-13 14:24 |
| #2 HAHA!!! I can't wait until you idiots go completely broke. |
| Posted by: DarthVader 2017-06-13 14:11 |
| #1 O'stumbles was working to kill fracking, but it would've taken The Clinton Global Initiative to finish the job. |
| Posted by: Bobby 2017-06-13 13:16 |