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Saudi Arabia will increase the reduction of export supply from September

Saudi Arabia will increase the reduction of export supply from September

August 10, 2017

[China paint information]

Saudi Arabia said on Tuesday (August 8) that it would reduce its oil exports by 520000 barrels/day from September to reduce global oil inventories. Asia is the region with the largest oil consumption. Saudi Aramco will reduce its exports to Asia by nearly 10% in September

the increase in Saudi Arabia's production reduction is also because some public opinion began to question the validity of the organization of Petroleum Exporting Countries (OPEC) production reduction agreement. Affected by Nigeria and Libya, the oil production of OPEC member states reached the peak in 2017 in July

in January, due to the production reduction agreement, the crude oil price was pushed up to $58/barrel. Since then, because the consumption of excess capacity exceeded the original planned budget time, the oil price fell to $45-52/barrel, which can realize the testing of various physical properties such as stretching, tightening, twisting, tearing, shearing, and so on. The increase of shale oil production capacity in the United States and the gradual recovery of production in Nigeria and Libya have led to an increase in global oil supply

Saudi Arabia's oil exports to Europe will decrease by 220000 barrels per day from September, while its exports to the United States will decrease by 1.1 million barrels per day next month

in August, Saudi Arabia disclosed to Reuters that its exports to the United States will be controlled at 800000 barrels per day in August, and the loading rate of the closed-loop automatic control system using negative feedback will be stabilized at the preset value, because Saudi Arabia's exports to the world need to be kept within 6.6 million barrels per day

according to the supply plan of OPEC production reduction agreement, Saudi Arabia needs to reduce production by 486000 barrels/day

according to Reuters' previous research on nine Asian refined oil refineries with high transmission precision, six said that since OPEC, Russia and other oil producing countries discussed the production reduction plan from January to March 2018 last year, the oil supply was reduced for the first time

Saudi Arabia and other countries suggested last month that both export and output should be taken into account in terms of compliance with the production reduction agreement

Gulf countries such as Saudi Arabia and Kuwait have highly complied with the production reduction plan, and both countries have a historical record of more than 90% production reduction compared with the plan

reduce exports to Asia

Saudi Arabia will reduce its oil exports to China by 2million barrels/day from September

another source said that Saudi Arabia's exports to China in September will decrease by% or so. One major oil importer in China said that its import allocation remained unchanged, while another importer said that its import allocation decreased by 5%

the import allocation of two Southeast Asian refineries decreased by between%, while the import allocation of another South Korean refinery decreased by 10%. One source said that South Korea's imports in August will be reduced by nearly 2million barrels, while India's imports will be reduced by 1million barrels. Japan will reduce imports by nearly 2million barrels in September

although Saudi Aramco has reduced its oil supply to the United States and Europe, in the past few months, the reduction in exports to Asia is still small to protect its share in the global market

a senior oil trading synthetic rubber officer of a company said anonymously that the company still attached great importance to the Asian market share

Saudi Arabia is expected to continue to reduce its imports to the United States in order to reduce its inventory of the United States Treasury

the reduction of Saudi Arabia's supply to China will arouse sentiment in the Middle East oil market, as refineries may increase their supply to China to make up for the reduction of Saudi Arabia and reduce monopoly

most of Saudi Arabia's reductions are in the light level, generally in the light level and the light level. As Saudi Arabian international oil company plans to maintain the secondary oil fields, there will be a slight reduction in oil supply in September

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