EIA Cuts Oil Demand Forecasts in 2019 and 2020

EIA cut it’s world oil demand forecasts by 50K Bpd for 2019 and by 100K Bpd for 2020 world oil demand growth. EIA estimates production from OPEC was down 1.6 million b/d from August, the lowest level of OPEC production since November 2003 from disruptions in Saudi Arabia, down 4.0 million b/d from September 2018.

Saudi Petrol Chemical Feedstock Levels Getting Back to Normal

Feedstock for Saudi petrochemical companies is expected to be back to normal levels by the end of September according to two of the Kingdom’s biggest downstream users. This is earlier than expected after the attacks on the Aramco facility a few weeks ago.

Saudi Arabian Aramaco Oil Plant Attacked by Houthi Rebels Affects 5mbpd Production

Houthi rebels from Yemen launched successful drone attacks on the world’s biggest petroleum processing facility in Saudi Arabia Saturday. Reuters reports that up to 5 mbpd of production has been impacted, half of Saudi Arabia’s output. Fires reportedly under control but damages unclear.

Russia Says Agrees With Saudi Arabia to Extend OPEC+ Oil Production Cuts

Russian President Putin said that ahead of the OPEC+ meeting in Vienna that Russia and Saudi Arabia have agreed to extend the existing production cuts for another 6=9 months.  The U.S. is near record productions and exports. The cuts promised are at 1.2 bpd by OPEC and Non-OPEC.

Saudi Arabia FTSE Russell Emerging Market Index Attracts Another $1.58 Billion

The Arab world’s biggest bourse, Saudi Arabia’s Tadawul exchange, third phase of inclusion in FTSE Russell’s emerging market index is set to attract about $1.58 billion (Dh5.8bn) in passive foreign inflows. KSA joined the MSCI Emerging Market benchmark last year. 

OPEC+ Cuts Production 1.2 mbpd To Rebalance Oil Market

The OPEC+ meeting in Vienna came at a critical time with oil prices down over 30% , a trade war in affect and Iran sanctions on. The POTUS has been brazenly telling Saudi Arabia to not cut,  the U.S. has record productions and exports. The cut was promised at 1.2 bpd by OPEC and Non-OPEC. 

With Crude Elevated U.S. Actively Considering Iran Oil Sanction Waivers

Both the U.S. and Iran are in a tight spot with Iran’s imploding economy and impending isolation oil prices have soared to 4 year highs. Iran plans to use private companies to counter sanctions. With high oil a risk to the global economy the US is considering waivers.

Iran Looks to Private Oil Exports To Counter U.S. Sanctions

Iran is in a tight spot. The U.S. pulled out of the Iran nuclear deal, its currency has fallen about 50% since and locals are protesting as they lose purchasing power. Now throw in Trump’s call to send oil exports to zero and have Saudi Arabia fill the gap. What to do, go private?