Thread by @Seshg

Oil #Brent #crudeoil WTI vs Brent.

1. Most popular grades of oil quality are West Texas Intermediary (WTI) & Brent North Sea Crude (Brent) (sourced from US from Permian basin)
It’s a benchmark for North America

2. Brent is a blend from of 15 oil fields n other in the North Sea. It's 2/3rds of world production. Benchmark for Africa, Europe + Middle East

Us Govt is already full with Strategic reserve and holds no space to store further

As of Dec 2019, Us was the world's top producer followed by Russia and Saudi. However, Saudi is still the global leader in exporting oil followed by Russia and Iraq. In fact, these 3 nations, all members of OPEC+, account for nearly 36% of the supply of oil for the ROW.

No clean consensus in recent opec+ meeting yet opec minus Russia planned to cut prod and leaving Russia’s position in a blur..

So it’s who eats the cake 🧁 situation when no one is ready to bake. 😅. #Brent #oil Opec might break but Us leads in production.

Last week, The Wall Street Journal reported that the volume of Saudi crude en route to the United States is seven times higher than the typical monthly intake of Saudi oil in 2019. #OilPriceWar #brent #OilMarketCrash #oil

The tankers were loaded before OPEC+ struck a new deal to take 9.7 million bpd off the market in May and June when Saudi Arabia had embarked on an aggressive price war for market share after the previous OPEC+ deal collapsed in early March.

Saudi Aramco owns the 600,000-bpd Motiva refinery in Port Arthur, Texas—the largest U.S. refinery in terms of crude oil processing capacity. Along with Royal Dutch Shell

After June last year, U.S. crude oil imports from Saudi Arabia had not exceeded 500,000 bpd, as per the latest available data updated to January 2020. Leading this year to 6,00,000 bpd

Saudi is increasing shipments at a time when US is already at flooded and low demand as earlier stated with full strategic reserve.

Here comes twist. 😅👌

https://twitter.com/whitehouse/status/1252368880304975875?s=21

https://t.co/6e8b0bbBeE

US takes it to another level by storing cheap instead free oil in this #OilPriceWar #OilMarketCrash

https://twitter.com/swamy39/status/1252371402545483777?s=21

https://t.co/ALgVKtskBB

If US had or can get it strategically stored #OilCrash #OilPriceWar @Swamy39 who made so much shipments to #us via #Aramco and who resisted production cuts and who will bear the brunt on the fall in #Brent isn’t #US ahead in this game!?

And #india doesn’t import #WTI as it relies more on the #brent @Swamy39 @palkisu so let’s not ask #Modi to cut petrol prices! 😆

#WTI is sweet, low in sulphur , #Brent has higher sulphur as such less sweeter than WTI, but denser than WTI. #OilPrice #OilCrash #OilPrices

India buys from 60%-70% from middle east and soon Aramco had to sell at cheaper price to keep their wallets high and loaded once shipments to US stops. #OilPrices #OilPrice #OilPriceWar

#India is on lockdown and makes real demand to decrease further for crude from Middle East. #opec #OilPrices #OilPriceWar #OilCrash makes room for no takers for oil or #India decides to do the #Trump way of storing strategic reserve @Swamy39 ?

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