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Saudi Arabia Shocks Oil Markets

Saudi Arabia

COVID Oil Market Update

Saudi Arabia shocked the markets this week when it said it would not keep up the voluntary portion of the cuts--the extra cuts beyond the official OPEC+ agreement--past June. The news came the day after the group agreed to extend the current OPEC production quota agreement through July in an effort to continue to draw down global inventories. Next week, a panel led by OPEC will meet to review the market but are not scheduled to make any decisions about extending cuts.

Slow demand for fuels has reportedly forced Exxon to postpone expansion work at its Beaumont refinery in Texas, originally set to be completed by 2022. Expansion work, for now, will be pushed to a 2023 completion date. The refinery would handle Exxon’s increasing Permian production, but presently is operating a reduced capacity due to faltering gasoline demand for jet fuel.

Politics, Geopolitics & Conflict

Keep an eye on Suriname this week, and over the rest of the summer, as the political situation intensifies on the public arena for the first time since successful offshore oil exploration put this country on the map (alongside Guyana). Parliamentary elections that took place on May 25th have seen the opposition coalition pull ahead of the ruling National Democracy Party (NDP) of the controversial president, Desi Bouterse. The opposition coalition has 33 seats, against the NDP’s 16, but the coalition is still a seat short of the two-thirds majority…





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