Primary Vision Network on YouTube

August 28th, 2020

Key points from the video transcript:

- The IEA is seeing a deeper supply deficit in the energy industry.
- The focus of the upcoming OPEC meeting is on discussing the effectiveness of production cuts and achieving unity.
- There may not be a strong willpower to make additional production cuts at the OPEC meeting.
- The US activity in the Frac spread count has slowed, which may impact the exit rate of crude oil production.
- OPEC has a deficit of 700,000 barrels per day, while the IEA has a deficit of 1 million barrels per day.
- The industrial and consumer slowdown may create periods of stress in the energy industry.
- Middle East crude oil floating storage remains stable but expensive compared to Brent and US crude.
- Crude oil in transit is expected to remain at seasonally adjusted all-time highs.
- Asian refiners may face pressure due to China's exports and industrial contraction.
- Crude oil imports in China are expected to be lower, with congestion levels above 2022 but not reaching the surge seen during the reopening.
- Chinese refiners are coming out of maintenance, leading to a normal utilization rate.

#OPEC #energyindustry #supplydeficit #productioncuts #USactivity #crudeoil #floatingstorage #Asianrefiners #China #crudeimports #utilizationrate

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From Fracking activity and Fracking market trends to Oil and Gas News, Hydraulic Fracturing and Frac Spread Count, we bring you shows covering:

EIA (typically Wednesdays) – Senior Analyst Mark Rossano covers imports, exports and refined product data from the EIA on a weekly basis.

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