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The Untouchable Saudi Grade

When Saudi Arabia decides to increase or decrease production as part of its OPEC strategy, the market is generally aware that Arab Light as the highest volume grade and Arab Heavy as the lowest value grade are key swing barrels. What goes less noticed though is that in the midst of the wild production swings, loadings of one key grade barely budge: Arab Medium.

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Jul 28, 2020

OPEC+ closer to full compliance in June

There was improved compliance for OPEC+ in June, with an aggregate compliance level approaching 80% and an average of 70% for the combined months of May and June. According to the Organisation's statement in early June, members that did not achieve 100% compliance for May-June have July through September to catch up and cut the necessary volumes or face sanctions. Only Saudi Arabia, Algeria and Equatorial Guinea achieved at least 100%.

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Jul 8, 2020

Russian OPEC+ Compliance: Dividing The Deprivation

Russia came very close to meeting its 8.5 mb/d OPEC+ production target in May and had to make a widespread set of decisions on which customers would see supplies curtailed. 55% of the cuts went to reduced exports, 16% to reduced domestic refinery crude runs, and the remaining 28% to crude stock draws. Most of the export reductions happened in westbound waterborne flows, with pipeline flows via Druzhba the second most impacted.

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Jun 25, 2020

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