OILX - Global Oil Inventories Build Less Than Expected As Supply Loss Surprises

Welcome to the global oil inventory edition of Oil Markets Daily!

Lower demand = lower exports

That was the topic we tried to hammer away in the first half of March when Saudis decided to declare a price war on the rest of the world. In the history of the oil market, there was never an event where a price war took place simultaneous to a demand shock. Every instance of demand shock was responded unilaterally by the Saudis to cut supplies, so this was an unheard-of event.

The general thinking was that if the

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