Archivi categoria: finanza

Il future di un’illusione

The kingdom does not disclose data about the level of storage, but there are anecdotal signs of stockpiling, according to western officials. Saudi has been producing 9.8m-10m barrels a day, the highest level in 30 years. Yet, supply to the market – exports and domestic consumption – appears to be a notch below current production, at about 9.4m-9.6m b/d, western officials say. The difference could be heading into storage.

Riyadh stocks crude oil in massive tank farms in the main European trading hub of Rotterdam, near its biggest Asian customers in Japan’s Okinawa and in the Egyptian oil export port of Sidi Kerir. In total, Riyadh has permanent access to about 12m barrels of storage, split among the three locations. In addition, the country could lease storage in the same locations or elsewhere if necessary.

The roughly 12m barrels of storage capacity allow Riyadh, in theory, to manage a 30-days surge in exports of 400,000 b/d releasing stocks without having to boost its production. Because the storage tanks are very close to the main importing countries, the impact of a release would be much larger than the headline number suggests.

 

ft Commodities Note  March 14, 2012

 

 

 

 “This is the first time in several years for [Saudi Arabia] to hit the market with such volume – and in such a short time frame,” says Omar Nokta, a shipping expert at specialist investment bank Dalham Rose & Co.

Last week, Vela, the shipping arm of Saudi Aramco, hired over a few days 11 so-called very large crude oil carriers, each capable of shipping 2m barrels, to deliver to US-based refiners. “In 2011, Vela fixed one VLCC to the US every other month,” Mr Nokta says.

 

ft Commodities Note  March 19, 2012

 

 

 

Ovvero a che gioco sta giocando l’Arabia Saudita?

Quando parliamo di petrolio, e in particolare di prezzo del greggio, stiamo in effetti parlando di scelte saudite, soprattutto quando i margini di mercato sono esigui ed è l’offerta a fare il prezzo. L’Arabia saudita è quel margine, controlla quasi interamente la capacità di riserva OPEC (e in effetti globale), è cioè l’unico produttore in grado di immettere sul mercato un surplus estrattivo in tempi molto brevi. E’ in effetti, assieme alla Fed, la banca centrale del mondo: mentre quella controlla nei flussi monetari le dinamiche del credito, dei tassi d’interesse, del cambio (del dollaro, cioè della valuta utilizzata in gran parte dei traffici commerciali, energetici, finanziari), del valore delle riserve detenute dalle altre banche centrali, e dell’inflazione (non solo negli Usa), Riyad può allentare i mercati dell’energia (l’energia fossile) attraverso i flussi petroliferi.

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