Oil prices are down over 10 percent since May 25, when OPEC, Russia and other producers agreed to extend oil output cuts. The reason is reports of growing US crude stockpiles – something Saudi Arabia would like to change.
The oil-rich kingdom owns a large refinery on the US Gulf Coast, and in order to manipulate the numbers, Saudi could slow down exports to America.
The US Energy Information Administration (EIA) provides a weekly update on US oil storage data, including imports and exports. The data from the EIA has been crucial to changes in oil prices lately. Continue reading “Saudi Arabia may be targeting US inventories to prop up oil prices”

