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SZO - Saudi's Message To The Oil Market - 'Whatever It Takes'
DB Crude Oil Short ETN
Welcome to the whatever it takes edition of Oil Markets Daily!
Following the bearish EIA oil storage report on Wednesday, Bloomberg reported that Saudi officials are evaluating all options to stem oil prices from declining further.
Further leaks in the following days indicate the Saudis will be lowering crude exports as a whole, while also sending lower exports to the US.
By our estimate, Saudi Arabia will likely send just three VLCCs next month to the US, pushing the export volume to lows we haven't seen since the early 80s. As a result, US crude