Oil Market: Breaking News

Dear readers,

The two news items below are for paying subscribers only.

1- Sources told Attaqa, www.attaqa.net, the only energy-focused media platform in Arabic, that Saudi Arabia intends to extend the 1 mb/d voluntary cut to August. An announcement could be made in the next several days. As you know, Saudi Arabia announced earlier this month a surprise voluntary cut of 1 mb/d for July. It also announced that it could be extended. Our understanding is that they want to control the market narrative by announcing monthly production changes in lieu of the OPEC+ monthly meetings that were held in 2021 and 2022. Also, it is our understanding that the amount of the extension could be any amount up to 1 mb/d.

2- The number of Saudi VLCC crude tankers at Ain Sukhna near the southern entrance of the Suez Canal in Egypt increased by 1 last night. The number now stands at 11 with a shipment of 22 mb, mostly Arab light, as we indicated in our previous report.