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Wednesday, 19 July 2017

Saudi Arabia empties domestic crude tanks: Kemp

Saudi Arabia empties domestic crude tanks: Kemp:

"Saudi Arabia has been progressively reducing its bloated domestic stocks of crude in a sign the global oil market is rebalancing, albeit more slowly than OPEC anticipated. Saudi Arabia’s domestic crude stocks declined in 16 of the 19 months between November 2015 and May 2017 according to government data reported to the Joint Organisations Data Initiative (tmsnrt.rs/2uIi9dC). Domestic stocks fell to just 259 million barrels at the end of May 2017, which was the lowest level since January 2012, according to updated figures published on Tuesday."



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