Kim Jon Un Will Travel to Russia to Meet Putin
September 5, 2023
Baker Hughes reports that the number of oil rigs were still unchanged at 512 total oil rigs.
Bloomberg estimates that Saudi Arabian crude oil exports in August fell sharply to just 5.6 million barrel per day, the lowest monthly level since March 2021. July exports were estimated at 6.3 million barrels per day. Bloomberg also noted that according to ship tracking services, exports out of Kuwait, appear also to have declined in August to just 1.5 million barrels per day, the lowest since late 2016. Crude oil and RBOB price closed higher on Friday before the long weekend driven by a better manufacturing report out of China, crude oil rigs being unchanged and the OPEC+ production cuts impacting stock levels.
This morning China services sector activity came in at its slowest pace in 8 months. Mixed signal from China on their economic outlook.
From John Kemp of Reuters. The US distillate fuel oil supply (a proxy for domestic consumption) was revised higher over the course of 2022 in new and more comprehensive estimates published by the US Energy Information Administration in its Petroleum Supply Annual. The total volume of distillate supplied was revised up by 23 million barrels or around 63,000 barrels per day. Stronger consumption helps explains continued downward pressure on distillate inventories and upward pressure on crack spreads.
North Korean leader Kim Jon Un plans to travel to Russia this month to meet President Vladimir Putin to discuss suppling Moscow with weapons for the war in Ukraine.
The markets are up this morning on news that Saudi Arabia and Russia are taking further steps to tighten global oil markets. Saudi Arabia will extend their cuts through the end of the year and Russia will extend theirs as well.