The numbers signal a mix of short-term tactics and long-term strategy for the Saudis, industry experts say.
The market has largely traded on weekly U.S. numbers, which — up until the growth of satellite imagery to provide greater transparency on global stocks — provided the best available picture of market conditions.
China, oh the other hand, is not as forthcoming as OECD countries about its stocks, and it's data isn't as visible to the market. Halff notes that there is no established benchmark of Chinese stocks as there is for the U.S. "The Chinese are very savvy and astute buyers, exporters who supply them have very good reasons to do so," Halff said. In the current low oil price climate, the world's largest oil importer is happy to up its Saudi crude purchases as its appetite increases, particularly given its launch of two new refineries which will grow its refining capacity by 800,000 bpd.Stringer | Reuters
Conveniently for the Saudis, there's also no risk of losing the U.S. as a customer, thanks to its giant Aramco-owned Motiva refinery in Texas. Therefore, "Aramco is willing to increase or decrease to the U.S. based on its own needs," says Ellen Wald, President of Transversal Consulting and author of the book "Saudi, Inc."
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