Suncor Energy Inc T.SU

Russian Crude Oil Exports Plunge

[MigraineCall]

Not only has the Russian govt reported crude production cuts, independent data verified by tanker traffic now shows exports plummeted by 1.24 mmbpd.

https://oilprice.com/Energy/Energy-General/Russias-Weekly-Crude-Oil-Exports-Plunge.html

[Experienced]

All of this has me scratching my head. This reduction in Russian oil exports combined with the recent OPEC announcement of a cut of a million barrels a day has resulted in the Brent price moving up to close of what the Saudis need for the full price of their oil taking into account their social costs.  It has not caused a spike in oil prices to the point where the Saudis are getting economic

[meritmat]

  Traders don't believe the cuts till there's proof.  Once there's proof of the reduction I think you will see more price movements 

[vr6loco]

Can't always believe the numbers. China, Pakistan and India are taking  in a lot of it, but also Saudi Arabia is taking it too. They mix it with their own and sell it to the Europe and the world.  How would we know any different?

[MigraineCall]

One must follow the drop as it moves through the crude supply chain. First you hear of it in Russian govt data releases as production cutbacks (just rumours). Check. Next you see it confirmed in independent tanker traffic reports. Check. Then you see it as reductions in import volume data (also opaque). Watching... Next it is seen as inventory draws outside the US.  Watching... Then as the