August 28th, 2020
The video analyzes the EIA data. The speaker talks about the record high levels of global crude oil on the water and the likelihood of it continuing due to ongoing production and exports. They mention the importance of looking at both crude oil in transit and floating storage. The availability of heavy crude in the US market, particularly WCS (Western Canadian Select), is also discussed. The speaker highlights the limited options for heavy crude supply, including Saudi Arabia, Kuwait, Iran, Venezuela, and Canada. They mention the expectation of Saudi Arabia cutting production and reducing OSPs (Official Selling Prices) to clear the glut, but instead, they maintained the production cuts and raised OSPs. This decision has led to a fight back and forth in the market, with buyers looking for alternative options. China is mentioned as a country capitalizing on the market disconnect.
#energyindustry #EIAdata #crudeoil #SaudiArabia #coresummerdriving #globaloilmarket #floatingstorage #WCS #heavycrude #markettrends #China
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