Saudi Arabia kicks off Russian oil

In early January 2021, Saudi Arabia unexpectedly said an additional reduction in oil production. After that, the demand for Russian oil from European refineries increased and the price for it increased. Thus, Riyadh played along with Moscow, writes the specialized American Internet edition OilPrice.

It should be noted that the Saudis made the announcement during the meeting of the energy heads of the OPEC + countries. Riyadh has taken on unilateral commitments to cut production by 1 million barrels. crude oil per day for two months. This simply could not but affect the market.

According to Bloomberg, referring to the data of traders, at present only 2 tankers with Russian "black gold" out of 48 loaded in ports in the Baltic Sea have not yet been sold. In the countries of Northwest Europe, there is an increased demand for Russian Urals crude and the North Sea Brent mixture. The market perked up noticeably.

At the same time, the Saudis also did not sit idly by and raised their oil prices for Asian countries in February. The cost of the Arab Light brand has already exceeded by $ 1 per barrel. Oman / Dubai price.

Riyadh's actions pushed Asian refineries to buy raw materials from other countries. Then tankers with oil from the North Sea headed to Asia. Now Asian refineries provide themselves with raw materials through supplies from Europe.

Seven tankers with oil from the North Sea were sold to Asia on January 7 alone, according to Reuters, a record daily purchase in recent history. Usually this figure does not exceed 1-2 tankers per day.
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  1. Bakht Offline Bakht
    Bakht (Bakhtiyar) 23 January 2021 14: 18
    The Kingdom's oil reserves are a state secret. As well as the level of production and the degree of depletion of reserves. Assumptions are dark, there are no real facts
    So to speak. Saudi Arabia's oil reserves statistics

    1962 - 57 billion barrels
    1973 - 96 billion barrels
    1980 - 113 billion barrels
    1987 - 170 billion barrels
    1988 - 255 billion barrels
    1989 - 260 billion barrels

    A couple of years ago, Saudi Arabia decided to sell part of its shares to ARAMCO. The terms of the placement of shares on the exchange required an independent audit. And oil reserves in the SA unexpectedly amounted to 300 billion barrels.
    With the Saudis claiming 10 million barrels of production per day, these figures make one think about the correctness of the information.
    The main production was and is still being produced by the world's largest oil sea Ghawar (GHAWAR). The Saudis have stated that it produces 5 million barrels of oil daily. They have now admitted that they never produced more than 3,8 million barrels.
    Returning to the article. Why and to whom the SA gives the "green light" is known only to the sheikhs (not all) and the ARAMCO leadership.
  2. Miffer Offline Miffer
    Miffer (Sam Miffers) 23 January 2021 14: 46
    After the big nix at the beginning of March last year, during which $ 1 rushed to 82.9 rubles, the name of the head of Rosneft, who made all this mess with the Arabs, disappeared from everywhere. It is very sad that this philologist-novelist and a former employee of the St. Petersburg mayor's office did not bother his patron to remove in advance from oil, Arabs and everything connected with them.
    1. Uneven Offline Uneven
      Uneven (X) 23 January 2021 16: 12
      They will "take away" together with the "patron". Not earlier.
  3. 123 Offline 123
    123 (123) 23 January 2021 17: 37
    The pathetic attempts of the commentators to "save the face" of the Saudis who signed the capitulation and to turn their attention to Rosneft are simply ridiculous. laughing
    There will be no triumphant ride across Red Square on a white camel. Everything goes to the fact that Sechin will soon drive through the center of Riyadh, strewn with rose petals, on a palanquin drawn by bearded "bunks" in white pajamas yes
    It's a fiasco winked