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Saudi oil exports plummet, OPEC slashes production,
Higher gas prices return inflation’s rise!

Saudi Arabia’s crude exports fell sharply in August.
Credit: Bloomberg via Yahoo! Finance

+ Ryan Grim, DC Bureau Chief at The Intercept: You will pay more at the pump from now through next November because MBS wants to beat Biden

+ CNBC: The [inflation] increase was mostly attributable to a spike in gasoline prices in August.


Saudi Crude Oil Exports Plummet as OPEC Giant Slashes Production

Excerpt from Bloomberg via Yahoo! Finance:

Saudi Arabia’s crude exports fell sharply in August as the kingdom leads an effort by the OPEC+ alliance to curb production and bolster oil prices.

Observed flows from the kingdom slumped to about 5.6 million barrels a day, the lowest since March 2021, data compiled by Bloomberg show. That compares with a revised 6.3 million barrels a day in July. Shipments to most major destinations, including China and the US, plummeted to multiyear lows.

The Organization of Petroleum Exporting Countries and allies including Russia are restricting supply in order to buttress the market, particularly amid signs of lackluster demand in major oil consumer China. Since July, Saudi Arabia has pledged to implement a unilateral production cut of 1 million barrels a day on top of existing curbs.

Saudi officials didn’t immediately respond to a request for comment on August’s oil exports.


+ Investment letter: Rising Oil Prices Have the Potential to Impact the Consumer and Inflation


+ AAA: State gas price averages

Posted by Steve on September 14, 2023 at 12:01 am | Permalink

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