Primary Vision Network on YouTube

August 28th, 2020

The key points from the video transcript are as follows:

- The UAE is not leaving OPEC, but they are frustrated with the baseline increase. They are investing in increasing their baseline production by three million barrels a day over the next seven years.
- Saudi Arabia's official selling prices have moved higher, especially in Asia. Heavy crude is now positive, and prices in the Mediterranean have also increased.
- Kuwait is undercutting prices in Asia and Europe, while the US prices remain high.
- China and India are purchasing aggressively from Russia, leading to increased floating storage in the Middle East and West Africa.
- China's congestion is weakening but remains at a high level.
- Shandong independent refiners in China are operating at around 65-66% utilization rates, expected to increase to 69% in April-May.
- West Africa experienced a drop in floating storage, but as Angola struggles to sell, it may increase again.
- Gasoline exports from the US increased, while distillate and propane exports dropped.
- Fujara reported 20.88 million barrels in storage, just above the 20 million barrel mark.
- Light crude stocks fell, but the gasoline complex strengthened in early trading.

#energyindustry #oilandgas #UAE #OPEC #SaudiArabia #floatingstorage #China #Russia #WestAfrica #gasolineexports #distillateexports #propaneexports

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