28 November 2024: 08:30 GMT
Just in time and ahead of the OPEC meeting to spice things up, The Officials bring you crude export data and implied production for the UAE, Oman and Qatar. And as they say back home, Ay Dios mio, so much cheating. The amounts are not small by the UAE, but as another Middle Eastern source said, ‘everybody cheating.’ A few hundred thousand barrels here and there, including Saudi Arabia. But the glaring overproducer, to use a kind word, is the UAE. We like to tell it straight, and some of our sources and friends were chuckling as we discussed that the UAE might get permission to increase its quote by 300 kb/d. Har, har, har, went the sources, as the UAE is about 1.0 mil b/d over the stated quota. But I guess all the OPEC members like to pretend. Why is it beyond any of us? We really don’t understand. This has been going on for some years, and I also asked why is an organization like the IEA or whoever not stating the real numbers. ‘Oh, they can’t bring themselves to say, we have been wrong for years,’ said a source that should know.
In ‘The Officials’, Onyx Capital Advisory publishes outright values, spreads, cracks and boxes for the main energy commodities traded in the marketplace. The published values are determined independently and on a fair market basis by our team of dedicated professionals.
We invite you to read our reports, which will initially be published twice a day, reflecting closing values at 16:30 Singapore time (SGT) and at 16:30 London time (GMT/BST).
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