Thursday, March 19, 2020

No End in Sight to Saudi Blitzkrieg

Saudi Arabia isn't done with its recalcitrant rival, Russia and that's tough news for every petro-state, especially our own.
Oil giant Saudi Aramco will proceed with the reduction of its refinery rates in Saudi Arabia in April and May in order to free up more crude oil for exports, an official at the company told Reuters on Thursday. 
Saudi Arabia will continue to supply a record 12.3 million barrels per day (bpd) to the oil market in the coming months, as per order from the energy ministry, the official Saudi Press Agency reported on Wednesday.

The Kingdom is intent on unleashing growing crude oil volumes on the market, aiming to significantly boost its crude oil exports to a record-breaking more than 10 million bpd in May.
Hmmm, I wonder if the Sultan remembers what Vlad Putin's day job was before he became Russia's president? 


Trailblazer said...

That SA or Russia can at the drop of a hat increase oil production to levels that will destroy Albertas bitumen mining should be a hard lesson for Jason Kenny, but I don't think it will.
I will, however, scare off most ,if not all investment.


Trailblazer said...

I wonder how these guys are fafing this year?

We we learn from them?


rumleyfips said...

While the Saudis want American military support, they also need to get rid of the midwest fracking industry. This latest statement threatens the former and reinforces the latter. Good luck with that.

The Disaffected Lib said...

10 billion kroner for just under 5.4 million people is quite respectable. Contrast that with Alberta's orphan well/tailing ponds remediation bill of roughly $230 billion and Norway's wealth looks even better.