Daily Energy Report
Saudi crude to US decline, US Rig count, Iran/China oil trade, TX water disposal/earthquakes, OPEC output rises, Downbeat oil traders, India LNG deal & hydro imports, Exxon’s CA write-down, and more.
Chart of the Day: Saudi Crude Oil Exports to the US are Declining
Figure (1) above shows Saudi crude oil exports to the US. While it is clear that exports in 2023 are lower than that of 2022, exports in the last five months of 2023 were declining. This is the result of production cuts in general and higher OSP prices that discourage buyers.