Daily Energy Report
Daily Energy Report
Saudi oil exports are declining, IEA raises oil outlook, India’s fuel prices, Shell weakens emissions cut, Brazil diversifies power, Climate alarmism, and more.
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We understand that some of the news and commentary may not be useful to you on a daily basis. Our readers are global, so we attempt to balance our content as best we can to the interests of all readers. We believe the value of the subscription lies in a handful of items we analyze in any given month that will help you make money and get clarity on the market as you make decisions ahead of the curve. Our experience has shown that getting ahead of the curve involves gaining more accurate knowledge about issues that may not seem relevant at first, but over time create financial opportunities that might otherwise be missed.
Today we have two big stories where we were ahead of the curve:
1- Russia will export more crude as Ukraine hit its refineries with drones. We have been telling our readers this for few weeks. Here is today’s news: Russia expects crude oil exports to rise due to refinery outages.
2- The EIA revised up its growth of global oil demand. We have been telling our readers since last December that the IEA’s number was too low and the IEA has no choice but to raise its estimate as 2024 unfolds. Here is today’s news: IEA boosts forecasts for global oil demand in 2024 once again.
Bottom line: The value of the subscription is not only in deciphering daily news, but largely in the relatively small number of high-value predictions that enable our readers to see around corners, which creates financial opportunities days, weeks, or even months ahead of the pack.
Chart of the Day: Saudi Crude Oil Exports are Declining
Summary
Figure (1) above shows trends in Saudi weekly crude oil exports since the beginning of 2019. The most important point is the decline in recent weeks to levels that existed only in early 2021 after OPEC+ agreed to cut production by 9.7 mb/d.