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Welcome to the export edition of Oil Markets Daily!
People keep thinking about the oil market in a vacuum. They are imaging the global oil trade like a faucet to a bucket.
Oil produced - oil consumption = delta
But what's not being said is about the function of the oil market and how oil is traded and flowed across the world.
If a refinery is cutting throughput, then the demand for crude drops. There's a reason why you see a seasonality pattern in global exports during maintenance-heavy months and high throughput months. OPEC's exports