As oil prices hover close to multi-year highs, Saudi’s Oil Minister has hit the wires saying that OPEC ‘shouldn’t be complacent and listen to some of the noise such as mission accomplished ‘ . Just as we learned earlier in this economic cycle via ‘don’t fight the Fed’, we too should take heed: ‘Don’t fight the Falih’. Year-to-date, U.S. crude inventories have risen by 3 million barrels, compared to 53 million barrels for the same period last year. Our seasonal Q1 build has been distinctly errant. While a number of factors can be assigned for such a lack of upward trajectory (higher exports, stronger refinery runs, lower waterborne imports), the slashing of crude flows to the U.S. from Saudi Arabia has also played a part. Saudi crude deliveries were down over 50 million barrels year-on-year in Q1, a third consecutive quarter of considerably lower year-on-year imports. The aforementioned combo […]