The numbers signal a mix of short-term tactics and long-term strategy for the Saudis, industry experts say.
The market has largely traded on weekly U.S. numbers, which — up until the growth of satellite imagery to provide greater transparency on global stocks — provided the best available picture of market conditions.
China, oh the other hand, is not as forthcoming as OECD countries about its stocks, and it's data isn't as visible to the market. Halff notes that there is no established benchmark of Chinese stocks as there is for the U.S. "The Chinese are very savvy and astute buyers, exporters who supply them have very good reasons to do so," Halff said. In the current low oil price climate, the world's largest oil importer is happy to up its Saudi crude purchases as its appetite increases, particularly given its launch of two new refineries which will grow its refining capacity by 800,000 bpd.Stringer | Reuters
Conveniently for the Saudis, there's also no risk of losing the U.S. as a customer, thanks to its giant Aramco-owned Motiva refinery in Texas. Therefore, "Aramco is willing to increase or decrease to the U.S. based on its own needs," says Ellen Wald, President of Transversal Consulting and author of the book "Saudi, Inc."
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Joshua vs Ruiz title fight in Saudi Arabia will 'change boxing forever,' promoter saysMexican fighter Ruiz was a massive underdog when he first beat Joshua at Madison Square Garden in June to claim three of the four major heavyweight titles.
Baca lebih lajut »
Southern Yemeni separatists tell Saudi Arabia: evict Islah or lose the warYemen's southern separatists vowed on Wednesday to keep control over Aden, ...
Baca lebih lajut »
Saudi woman activist rejects release deal tied to denying torture: familyProminent Saudi women's rights activist Loujain al-Hathloul has rejected a ...
Baca lebih lajut »
Saudi woman activist rejects release deal tied to denying torture - familyWomen's rights activist Loujain al Hathloul rejects Saudi Arabia's offer to release her in exchange for video testimony denying she was tortured and sexually abused in prison, her family says
Baca lebih lajut »
The family of a prominent jailed Saudi women’s rights activist says she turned down a deal to deny being tortured and sexually assaulted in prison in exchange for her freedomHuman rights groups say several Saudi activists arrested last year were tortured and sexually abused while in prison.
Baca lebih lajut »
Joshua vs Ruiz title fight in Saudi Arabia will 'change boxing forever,' promoter saysMexican fighter Ruiz was a massive underdog when he first beat Joshua at Madison Square Garden in June to claim three of the four major heavyweight titles.
Baca lebih lajut »