• 3 minutes Looming European Gas Crisis in Winter and North African Factor - a must read by Cyril Widdershoven
  • 7 minutes "Biden Targets Another US Pipeline For Shutdown After 'Begging' Saudis For More Oil" - Zero Hedge Monday Nov 8th
  • 12 minutes "UN-Backed Banker Alliance Announces “Green” Plan to Transform the Global Financial System" by Whitney Webb
  • 5 hours Microbes can provide sustainable hydrocarbons for the petrochemical industry
  • 10 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 8 hours Hunter Biden Helped China Gain Control of Cobalt Mines in Africa
  • 10 hours CO2 Electrolysis to CO (Carbon Monoxide) and then to Graphite
  • 5 days Building A $2 Billion Subsea Solar Power Cable From Chile To China
  • 4 days Is anything ever sold at break-even ? There is a 100% markup on lipstick but Kuwait can't break-even.
  • 7 hours NordStream2
  • 4 days Modest drop in oil price: SPRs vs US crude inventory build
  • 4 days 2019 - Attack on Saudi Oil Facilities.
  • 4 days Monday 9/13 - "High Natural Gas Prices Today Will Send U.S. Production Soaring Next Year" by Irina Slav
  • 6 days Ukrainian Maidan after 8 years
  • 6 days Peak oil - demand vs production
Oil Prices Crash On New Covid Fears

Oil Prices Crash On New Covid Fears

Oil prices crashed on Friday…

Oil Prices Collapse To $69 On New COVID Fears

Oil Prices Collapse To $69 On New COVID Fears

Oil prices have fallen by…

Zainab Calcuttawala

Zainab Calcuttawala

Zainab Calcuttawala is an American journalist based in Morocco. She completed her undergraduate coursework at the University of Texas at Austin (Hook’em) and reports on…

More Info

Premium Content

Saudi Crude Inventories Continue To Decline

Saudi Arabia reported a progressive decline in domestic crude stocks for 16 of the 19 months between November 2015 and May 2017, according to a new report by Reuters.

The news comes as the KSA pressures the United States and Asian countries to lower their domestic inventories and buy new crude supplies, ending the current glut that is keeping oil prices low.

At the end of the period, the Kingdom’s supplies fell to 259 million barrels total – a record low since January 2012. The figure also stands 71 million barrels below a peak in October 2015.

Despite seasonality in the KSA’s domestic oil demand related to heating and refinery maintenance schedules, a downward trend since late 2015 is apparent in the data.

The latest word from the OPEC rumor mill is that de facto bloc leader Saudi Arabia is planning more oil export cuts, causing oil prices to jump earlier this week.

Oil futures jumped up two percent in value after industry consultant Petroleum Policy Intelligence said the KSA had been considering lowering exports by a further 1 million barrels per day.

New production from Libya and Nigeria, two African countries that have been granted an exemption from production quotas due to their previously weak oil output, have brought hundreds of thousands of barrels online in the past few weeks.

Related: Is Wall Street Funding A Shale Failure?

Saudi Arabia tried cutting exports to the United States last month in order to force Gulf coast refiners to use up existing crude inventories, but soon after the announcement, Iraq reached a deal with American buyers to sell its own crude as a substitute for lower Saudi supplies.

The United States will get less than 800,000 bpd of Saudi crude next month, an anonymous source told Reuters last week, down from an average 1.154 million bpd in April – the last month for which there is official data from the EIA.

By Zainab Calcuttawala for Oilprice.com

More Top Reads From Oilprice.com:


Download The Free Oilprice App Today

Back to homepage





Leave a comment
  • Naomi on July 26 2017 said:
    Saudi oil fields are going dry.

Leave a comment




EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News