Primary Vision Network on YouTube

August 28th, 2020


Key points from the video transcript:

- Flows of crude oil into the Netherlands have dropped off, but there are still opportunities for Russia to export to other regions.
- The price cap set by OPEC could legitimize a lot of Russian crude, but there are ways for countries to get around it.
- Spare parts for CPC (Caspian Pipeline Consortium) are a concern, as there may be a halt in production if spare parts are not available.
- OPEC and OPEC+ are likely to implement a cut in production, with Saudi Arabia driving the majority of the cut.
- Middle East floating storage is at its highest level since 2017, and there is a need to address the amount of product in storage.
- US crude flows remain elevated, with support for exports in the near term.
- Dubai crude remains cheaper than Brent due to the amount of product in storage.
- Floating storage has started to come down due to delays in new movements from Russia.
- China's road traffic has diminished, leading to a decrease in movement and uncertainty.
- China's super tankers indicate a high level of crude coming in, but limited movement on the product side.
- West Africa crude is struggling to sell, with Nigeria and Angola facing challenges.
- US crude exports and gasoline exports are at high levels, with propane and propylene being cost competitive in the international market.
- Distillate exports from the US to Europe are expected to remain stable, with some recovery as temperatures get colder.
- Overall, there is a significant amount of crude in transit and storage, with potential for additional cuts in differentials.

#energyindustry #crudeoil #Russia #OPEC #floatingstorage #USexports #China #WestAfrica #distillateexports

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