Event News
Added Mar 4, 2021

Event highlights: Saudi oil policy: assessing the impacts of the unilateral output cut

Share this article
Vortexa Newsletter Subscribe and get Vortexa news straight to your inbox

Saudi Arabia surprised the oil market in early January by announcing it would unilaterally cut its oil output by an extra one million barrels per day beyond its agreed OPEC+ target.

saudi oil web

Watch on demand

During the March 3rd webinar, Vortexa experts Clay Seigel, Conor Stone, and Will Holeman discussed the impact of the Saudi cut on the oil market and the tanker freight market, with consequences for players ranging from US shale operators and refiners to midstream asset owners and financial oil investors.

Key topics covered:
  • Saudi Arabia's crude export volumes
  • Top destinations for Saudi Arabian oil exports: cuts to nearly every market
  • Top sources for Indian crude oil imports: Saudi down, Kuwait and Iraq up
  • US crude exports in February: complications from the freeze 
  •  Floating storage: receding to pre-pandemic volumes
  • Backwardation supporting inventory draws & near-term prices
Vortexa takeaways from the session:
  • Saudi Arabia’s voluntary production cut is largely apparent from our export numbers that show a ten percent decrease during January and February together
  • The Saudi cut, along with OPEC+ supply limits, has caused oil inventories to draw and the price curve to become backwardated. This has attracted managed money back into oil as an asset class
  • So far US production has not rebounded along with the price of oil. But US barrels are still in demand around
    the world, and are well positioned to maintain their international market share in competition with OPEC+
    Watch on demand

Make sure to stay up to date with our latest analysis pieces and event updates by subscribing to our newsletter.

The latest news

Feb 26, 2021
Event News
blog-events
Listing_Summary-Vortexa_July2019

Vortexa CEO Fabio Kuhn joined Bloomberg's IP Week panel discussion to discuss what demand recovery might look like across the commodities ecosystem in 2021, alongside leaders from Vitol, VARO Energy, and JP Morgan.

blog-tag
Oct 12, 2020
Event News
post_body
blog-events
name
Listing_Summary-Vortexa_July2019

Our expert speakers Cosmo Kedros and Serena Huang discussed how low sulphur fuel oil (LSFO) markets have been dramatically reshaped in 2020 in our webinar hosted on 30 September.

subscribe_insight-form
blog-tag
location
banner_bg
getintouch-section

Get in touch today for a free trial