Daily Energy Report
Happy 4th of July for our readers in the US. Some of our team members will be traveling during this holiday. We will not publish the Daily Energy Report July 3, 4, and 5. However, if there is a breaking news or any significant development, we will be in touch.
Chart of the Day: Saudi Crude Exports Declined in June, Why?
Summary
Figure (1) above shows trends in Saudi Crude exports since the beginning of 2017. It shows the large decline in exports in 2013 and 2014. These declines show the impact of the voluntary cuts that Saudi Arabia made (along with seven other countries), to stabilize the oil market. The decline in June has nothing to do with production cuts!
Today’s Bloomberg story: Saudi Arabia Led Big Drop in Global Seaborne Oil Flows in June missed the point and distorted the facts! Explanation below.
Note: data for 2020 and 2021 were excluded because of the impact of government policies implemented during COVID-19.