{"id":36569,"date":"2018-08-08T10:21:03","date_gmt":"2018-08-08T15:21:03","guid":{"rendered":"http:\/\/olduvai.ca\/?p=36569"},"modified":"2018-08-08T10:21:03","modified_gmt":"2018-08-08T15:21:03","slug":"why-saudi-oil-production-suddenly-dropped","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=36569","title":{"rendered":"Why Saudi Oil Production Suddenly Dropped"},"content":{"rendered":"

Why Saudi Oil Production Suddenly Dropped<\/a><\/h3>\n\"Oil<\/picture>\n
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As if oil market participants haven\u2019t had enough conflicting market forces to digest over the past week, reports that Saudi Arabia\u2019s crude oil production surprisingly dropped<\/a> in July by around 200,000 bpd from June further confounded the market and sent oil prices rising on Monday.<\/p>\n

Last week, several surveys of OPEC\u2019s crude oil production in July showed that the cartel is pumping at high rates, and Saudi Arabia is nearing its production record. But on Friday, Saudi sources and OPEC sources told news agencies that the Saudi oil production was not even close to record figures\u2014and it actually dropped last month compared to June.<\/p>\n

The Saudis pumped 10.29 million bpd in July, Saudi sources told S&P Global Platts on Friday. On the same day, two OPEC sources told Reuters<\/a> that Saudi Arabia\u2019s crude oil production in July was 10.29 million bpd.<\/p>\n

According to OPEC\u2019s secondary sources, the ones the cartel uses to calculate quotas and compliance, Saudi Arabia\u2019s oil production had jumped in June by 405,400 bpd<\/a> compared to May, to reach 10.420 million bpd.<\/p>\n

According to a Reuters survey from last week, Saudi Arabia\u2019s production in July was 10.65 million bpd<\/a>, but exports were close to June\u2019s levels because the Saudis increased domestic use at power plants and refineries. OPEC\u2019s crude oil production jumped by 340,000 bpd in July from June, as Saudi Arabia pumped near-record volumes<\/a>, the S&P Global Platts survey showed on Friday.<\/p>\n

The numbers leaked by Saudi and OPEC sources on Friday are in stark contrast with many of the surveys.<\/p>\n

Some of the Platts survey participants think that Saudi Arabia may have trouble placing its barrels on the market, and demand for Saudi crude may not have been as robust as the Kingdom had expected.<\/p>\n

\u201cI think what they\u2019re trying to do is, there\u2019s a story in the market that the Saudis and the UAE and Kuwaitis and Russians were all vastly increasing production well ahead of any cutbacks from Iran, and I think they are trying to change the narrative,\u201d a Platts survey participant said.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Why Saudi Oil Production Suddenly Dropped As if oil market participants haven\u2019t had enough conflicting market forces to digest over the past week, reports that Saudi Arabia\u2019s crude oil production surprisingly dropped in July by around 200,000 bpd from June further confounded the market and sent oil prices rising on Monday. Last week, several surveys […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[595,5332,701,14603],"class_list":["post-36569","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-oil-production","tag-oilprice-com","tag-saudi-arabia","tag-tsvetana-paraskova"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36569","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=36569"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36569\/revisions"}],"predecessor-version":[{"id":36570,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/36569\/revisions\/36570"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=36569"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=36569"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=36569"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}