Daily Energy Report

Saudis and Russians extend cuts, Oil jumps above $90, China’s LNG appetite, Iraq-Turkey pipeline update, Russia’s oil/gas revenue falls, “Green” energy bailouts comicoming and more.

Charts of the Day: Production cuts by Saudi Arabia and Russia resulted in lower exports.

Summary

Figure (1) above shows a trend in the weekly exports of crude and condensates of Saudi Arabia and the Russian Federation as reported by Kpler. The data is clear: exports from both countries have been declining since last April. Data illustrates that between April and August, exports of both countries declined by more than 3 mb/d, or 24%, with a decline in Saudi Arabia’s exports more than double that of Russia. 

EOA’s Main Takeaway