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BNO - Saudi Arabia Very Serious About Eliminating The Storage Build In The U.S.
United States Brent Oil Fund LP ETV
Welcome to the serious edition of Oil Markets Daily!
The Saudis have been playing this oil game since May 2017. Following the disastrous start to the OPEC+ agreement at the end of 2016, Saudi oil exports, under the guidance of the previous energy minister, Khalid Al-Falih, to the US began dropping below an arbitrary figure of ~750k b/d.
The lower exports combined with stale US oil production growth during Q2 and Q3 of 2017 allowed the US crude storage to drop at the fastest clip in history.